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3 detained in ongoing loan fraud case, 21 apps under investigation

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By on Predatory Lenders

Photo: PTI

Bombay: As part of their investigation into the 21 incidents of loan application fraud that have been reported across the city this year, the Mumbai Criminal Police Cyber ​​Police have arrested three people.
The initial arrest was made on June 25, police had already made two additional arrests on Monday. A loan collector from Telangana was arrested on Saturday. “The man holds an engineering degree and was in charge of phoning those who had not paid the loan amounts. If the loans did not repay, the man would ask his helpers to start the harassment. Based on his interrogation, we arrested two other people. Our investigations are ongoing,” said DCP (Cyber) Hemraj Singh Rajput.
Authorities believe that since last year thousands of people in Maharashtra who were in desperate need of cash have been taken advantage of by predatory lending apps that offered quick and cheap loans. According to the police, after approving borrowers for loans through the app, lenders would want to access the borrowers phone contact list and gallery along with copies of their Aadhaar and PAN cards.

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Loan collectors allegedly harassed borrowers who failed to repay the loan within weeks at a higher interest rate and sent rude and obscene messages to people on the borrower’s contact list.

In order to extort money, they allegedly sexually harassed the borrower and his family members and even altered images of the borrower with nude photos and obscene recordings. Agents often managed to extort far more than the amount of the loan, according to authorities. Cases are examined by around ten police inspectors from four cyber police stations in the cybercrime branch.

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