If you frequently borrow money from rapid lending applications, you should think twice. An online fast loan fraud organised by a Chinese national has been busted by police in Telangana's Cyberabad. Zixia Zhang, the man, has established 11 fast loan apps under various identities. These apps provide short-term loans with high fees and interest rates. If a borrower does not repay on time, the contact centres established by Zixia Zhang across the country harass the borrower with abuses, threats, and even phoney legal notifications to friends and relatives.
When the Cyberabad police's cybercrime department raided a contact centre on Friday, the scam was discovered. "Cubevo Technology Private Limited," the call centre, is a subsidiary of "Skyline Innovations Technologies India Private Limited," a firm founded in Gururgram, Haryana, by Zixia Zhang and an Indian national named Umapati.
Four persons were arrested after the raid at the call centre in Cyberabad, including a Chinese national. The company's two directors, Zixia Zhang and Umapati, have gone missing.
Modus operandi
Zixia Zhang, according to authorities, is the brains behind the entire operation. In December of last year, he and Umapati, a Delhi-based entrepreneur, founded "Digipeergo Tech Pvt Ltd." They started a new firm called "Skyline Innovations Technologies India Private Limited" a few months later.
The company developed 11 Instant loan applications with the help of a Singapore-based developer, which offer loans to individuals and collect large repayments (including interest, processing charges, GST, default charges, and a 1% penalty once the loan period is over), as well as resort to systematic abusing, harassing, and threatening of defaulters through call centres run by them. They even threaten borrowers by mailing fictitious legal notices to their relatives and family members.
Conclusion
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