A Chinese man residing in Singapore is the brains behind the fast loan application scam that has ensnared a number of people in Telangana and abroad.
As they disbursed short-term loans, the app companies charged hefty interest rates (up to 35%). If a consumer does not pay on time, they will be harassed by sending texts to all of their contacts.
In connection with the fraud, the Cyberabad police have so far recorded eight charges.
The Cyberabad police, who have dispatched teams to other locations to investigate the fraud, raided a call centre in Hyderabad called Cubevo Technology Private Limited. According to Cyberabad Police Commissioner V C Sajjanar, the call centre is run by a Chinese national named Zixia Zhang, who is currently on the run.
Skyline Innovations Technologies India Private Limited, based in Gurgaon near New Delhi, is the company behind the call centre.
He told a press conference here on Friday that Zixia Zhang, along with Umapati and Ajay, had created 11 rapid loan apps and used them to trick people into taking out loans.
The authorities have detained four people, including Yi Bai, the company's Chief Operating Officer and a Chinese national.
Lending Gram, Cash Train, Cash Bus, AAA Cash, Super Cash, Mint Cash, Happy Cash, Loan Card, Repay One, and Money Box are among the rapid loan applications with questionable credentials published by the police.
To maintain in touch with clients, the clique established Top Fun Technologies, Fasmate Technology Services (both in Gurgaon), Cubevo Technology Best Shine Technology (Hyderabad).
Sajjanar warned users to be wary of rapid lending apps, saying the police had identified 116 of them and written to Google to have them removed from their app store.
The list appears to be growing. There are likely to be 700 to 800 fast loan applications.
He urged users not to panic and advised them to contact the authorities if they were harassed by app companies.
He also encouraged people not to give out their personal and banking information to strangers. "Pay close attention to the terms and conditions, especially those in tiny type. Verify the persons behind such businesses' licences, company histories, and certifications," he advised.
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