Play Store-Loan App Scam at India

This fraud came to light when five borrowers committed suicide, the bearable harassment done by the recovery agents.

This online instantly loan app fraud, police has detected a transactions worth ₹21,000 core was made during this period of time.

According to police, a Chinese national has been arrested by Hyderabad police at Delhi airport on Wednesday night in connection with app-based loan fraud.

The accused, Zhu Wei (27) alias Lambo, hailsa was head of operations for Aglow Technologies Pvt. Ltd., Liufang Technologies Pvt. Ltd., Nabloom Technologies Pvt. Ltd., and Pinprint Technologies Pvt. Ltd., all instant loan app companies who as chains based. 

Based on preliminary investigation

Additional Commissioner of Police (Crimes and SIT) Shikha Goel told news persons that the preliminary investigation have revealed that close to 1.4 crore transactions worth ₹21,000 crore have taken place so far through these app-based loan companies

“These volumes of transactions have happened over payment gateways and bank accounts linked to these companies and a large number of international transactions have also happened through bitcoins,” she said, adding that the bulk of transactions have taken place over the last six months.

The online instant loan app fraud has come to light when five borrowers committed suicide unable bear the harassment by the recovery agents.

According police, there are over 72 apps which are lending money online without proper approvals from Reserve Bank of India and mandatory tie-ups with banks and registered NBFCs.

Already police registered over a dozen cases on fraudulent companies and further investigation is on.

                                                                                Abstract:- The Hindu News Editions.