Hyderabad police said on Wednesday that a director of a financial services firm linked to a money-lending app was arrested in Bengaluru in connection with a probe into instant app-based lenders allegedly abusing borrowers.
Cyber crime police apprehended the 24-year-old accused on Tuesday, as part of a series of arrests in similar cases.
According to a news release from the city police, is one of the directors of a financial services company.
According to the press release, authorities discovered the accounts linked to all of the illegal money-lending organisations and froze roughly Rs 400 crore.
According to the Telangana police, who have initiated a crackdown on rapid money-lending app companies, the lending organisations give loans to consumers via instant loan applications and charge exorbitant interest and processing fees, among other things.
The defaulters are then systematically abused, harassed, and threatened through phone centres located around the country.
Since December 2020, six suicides have been reported in Telangana as a result of harassment by such companies.
Even as the Enforcement Directorate investigates the FIRs, the State police have recorded over 50 cases and arrested over 30 persons, including four Chinese nationals.
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