Instant Loan Application Fraud Case under ED Scanner
Instant loan: The ED has put under its scanner the alleged fraud cases of instant loan sanction via mobile applications, recently reported from Telangana and Tamil Nadu, as part of its investigation into money laundering in a scam online betting set at over Rs 1,100 crore, official sources said on Monday.
At least five people, including a software engineer, are said to have ended their lives in Telangana after being harassed to repay these loans given in alleged violation of regulatory guidelines to gullible and needy victims facing economic hardship.
Telangana police have filed at least 50 cases and arrested 29 people, including three Chinese nationals, so far. (Immediate loan)
Chennai Police also arrested two Chinese nationals and as many Indians recently after a complainant informed cops that he had been subjected to agony, abuse, threats and harassment from the security companies. online loan applications for repayment with high interest rate.
Official sources said the Directorate of Law Enforcement (ED) has “expanded” its investigation to investigate these FIRs and the complaints filed by the two police departments in the state.
He investigated a case of online betting scam, allegedly carried out with the connivance of some Chinese nationals, valued at over Rs 1,100 crore.
The online betting case dates back to August last year, when the Central Investigation Agency conducted multiple searches across the country at the head offices of some companies, their directors and chartered accountants, which allegedly involved in the illegal operation of online betting applications on websites, which are hosted from outside India and operated by Chinese nationals.
The ED case was based on a Telangana Police FIR which was filed against Dokypay Technology Private Limited, Linkyun Technolgy Private Limited and others. The southern state police had also arrested three people, including a Chinese national, in connection with this.
The three were later arrested by the ED also under the Prevention of Money Laundering Act.
The ED said these companies have been moving funds worth millions of rupees across the coasts using the ‘lax regulatory’ mechanism of online wallets and this is where the money laundering angle money appeared.
The ED will now investigate the instant loan app case along with the online betting case, as both have a more or less similar modus operandi of duping people and moving large funds to foreign shores, including China, through illegal money transfers and “hawala” transactions. mentioned.
According to the Telangana Police, loan companies, through instant loan apps, offered loans to individuals, levied huge interest and processing fees, among others, and resorted to abuse, harassment and systematic threats against defaulters through call centers.
Telangana police also said they had received several complaints that these companies had obtained sensitive data such as contacts and photos from customers’ mobile phones and used them to defame or blackmail them in order to obtain reimbursement of the costs. loans.
A statement from the Hyderabad police had said that a preliminary investigation into these financial transactions revealed that around 1.4 crore of transactions worth almost Rs 21,000 crore had taken place so far.
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