The police in Hyderabad and Cyberabad arrested 17 persons on Tuesday, including numerous executives of app-based rapid loan organisations, for their roles in lending money at a high interest rate and harassing defaulters through coercion.
Following a slew of complaints from debtors who claimed to have been harassed by lenders, the police raided the promoters of numerous such online-lending companies and their phone centres across the country.
Hyderabad's Cyber Crime Police searched two locations in Gurugram's Udyog Vihar and three locations in Hyderabad, arresting 11 persons from Liofang Technologies Private Limited, Hotful Technologies Private Limited, Pinprint Technologies, and Nabloom Technologies Private Limited.
Commissioner of Police Anjani Kumar claimed that all four firms registered in Bengaluru were being utilised to convince, harass, and intimidate loan defaulters at various levels.
While the three centres in Hyderabad employed approximately 600 telecallers, the Gurugram centres employed over 500 persons, all of whom were between the ages of 18 and 22.
The city police chief explained the international connections of these firms, which selected Indian people as dummy directors at the request of the Chinese, by saying that these corporations received orders from their headquarters in Jakarta, Indonesia.
"It appears that the entire functioning of these loan apps is overseen by Chinese citizens. Mr. Kumar stated that "the same was indicated during the inquiry into the colour prediction gambling apps fraud, in which crores of rupees were transferred to shell businesses that were registered as NBFCs."
Over 700 laptops, servers, computer systems, and other electronic devices were seized from both contact centres.
Joint CP (Detective Department) Avinash Mohanty stated that they would continue to focus on the web of financial transactions, funding, and technology basis, adding that they were analysing the data in a reserve process.
Unlike the gaming fraud, in which Chinese nationals were directly involved, he added, they have ingeniously managed to keep Indians as company leads to distract law agencies' attention. Mr. Mohanty described the apps' operation as "classic financial fraud," noting that the contact centres in issue were responsible for 30 apps and that police were reviewing 10 bank accounts and 70 to 80 online wallets.
Six persons were arrested earlier this week in Cyberabad, including the CEO of an app-based rapid lending company, for operating in a "illegal" manner and defrauding clients. According to Commisisoner of Police V.C. Sajjanar, 18 bank accounts of the accused firms with a deposit of Rs. 1.52 crore have been blocked. Cash Mama, Loan Zone, and Dhana Dhan are among of the loan apps developed and maintained by Onion Credit Pvt. Ltd., which also owns CRED FOX Technologies Pvt. Ltd., according to him.
Chandra opened two offices with 110 people, and one of the directors was his elderly mother Pushpalatha, who was also jailed. Cash Mama and Loan Zone had arrangements with nine Delhi-based NBFCs, whereas Dhana Dhan's operations were unlawful, according to DCP (Crimes) Rohini Priyadarshini.
With an annual turnover of more than 40 crore, they have over 1.5 lakh clients and at least 70,000 active customers across the country.
Chandra, who earned his master's degree in the United States, founded the app development firms two years ago after working as an accountant in a private firm in the city. All NBFCs and their managing directors were also served with notifications by the police. Because of their illicit activity, Google was urged to remove the applications.
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