Loan application fraud: Hyderabad cops find Rs 1 cr in bank account of worker in Delhi

Cops say such a flaw exposed the Know Your Customer (KYC) mechanism put in place by the bank. | Photo credit: BCCL

Highlights

  • The holder of the daily salary account did not have a banking kit, ATM card or internet banking details.
  • A day laborer said he also fears a threat to his life from his masters

Hyderabad: Telangana Police investigating app-based loan fraud have come across several shocking details. During the investigation, the cops found nearly Rs 1 cr in the bank account of a day laborer in the national capital Delhi.

This was revealed after police began examining the individual accounts of people linked to instant loan application fraud.

A team of Telangana police officers who visited Delhi also examined the inflows and outflows of money from suspicious individuals and discovered that the account containing Rs 1cr belonged to a day laborer, according to a report by The Times of India.

What was more shocking was that the daily payroll account holder did not have a banking kit, ATM card, or internet banking information.

It was later learned that the daily bet was promised at 4,000 rupees per month by the accused.

“A bank account was opened using the day laborer’s contact details. He was promised Rs 4,000 for this. The account holder was unaware of the money in his account and that it was being misused . The man was afraid to tell us the names of the people who manage his bank account. He also fears that these people threaten his life. This racket is well organized and requires a thorough investigation, “said the report, citing a police officer under cover. of anonymity.

Police say they recorded the daily bet statement and found several of these questionable accounts.

Police also recorded the daily bet statement and found several of these questionable accounts.

Cops say such a flaw exposed the Know Your Customer (KYC) mechanism put in place by the bank. Police officials said the same modus operandi was used by racketeers in online gambling.

Cops say payment gateways play a key role in helping fraudsters move large amounts of money. Police also believe that some payment gateways did not verify the nature of the business when entering into a partnership with companies promoted by China.


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