According to PTI, Hyderabad police arrested a Chinese national and another person on Wednesday in connection with a multi-crore quick microloan lending fraud carried out via 30 mobile phone apps, which has forced residents in Telangana to commit suicide. So far, the Hyderabad police have arrested 16 people in the case, while the Cyberabad police have arrested at least six people.
Lending businesses used smartphone apps to provide consumers with fast loans at high interest rates. The accused bullied, harassed, and intimidated the defaulters when they did not repay on time. According to the Telangana Police, at least 90 complaints have been received from borrowers who were later threatened by lenders.
After three persons committed suicide after being harassed and humiliated by money lenders for days, a crackdown was initiated. "They threatened to file FIRs, lock his bank account, and smear him," Ramya, the wife of Sunil, told The Indian Express. Sunil committed suicide on December 16. "He was constantly worried." He took out another loan to pay off the first, and he now owes over Rs 2 lakh."
The racket was discovered to be run through call centres that worked for four different companies. Hundreds of teenagers were employed at these call centres, who were coached to entice customers into borrowing successive sums via mobile apps. According to the authorities, they were also taught to "abuse, defame, and blackmail" victims in order to recoup loaned funds and interest.
In both Hyderabad and Gurugram, several call centres were established, from which callers harassed those who had taken out loans. According to the authorities, more than 1,000 persons were engaged in three such contact centres, earning between Rs 10,000 and Rs 15,000 each month. On December 23, authorities conducted multiple searches at call centres in Hyderabad and Gurugram, arresting 11 people. Meanwhile, the Cyberabad police had detained six people.
A 27-year-old Chinese national was apprehended by authorities at Delhi's Indira Gandhi International airport on Wednesday as he attempted to flee the country. He was identified by the authorities as the overall in-charge of the applications used in the scam.
According to the police, another person, a native of Andhra Pradesh's Kurnool area, who played a crucial part in the operation of the call centres, was also apprehended.
According to the Hyderabad police, a preliminary examination into the financial activities indicated that the lending plan was used to conduct about 1.4 crore transactions worth nearly Rs 21,000 crore. To prevent detection, the money was funnelled through shell companies, several bank accounts, payment gateways, and digital wallets.
The police in Telangana's Hyderabad, Cyberabad, and Rachakonda have written to Google requesting that 158 fast lending apps be removed from the Google Play Store. According to The Indian Express, Cyberabad Police Commissioner V C Sajjanar fears that "thousands may be experiencing abuse and harassment secretly, frightened to seek help."
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