Vizag police unravel Rs 100 crore loan app fraud and arrest Hydrabad man – The New Indian Express

By Express press service

VISAKHAPATNAM: Visakhapatnam Cybercrime Police have arrested a person accused of mobile loan application fraud involving at least Rs 100 crore. The racket came to light after a Visakhapatnam-based woman filed a complaint, saying she was harassed by organizers of the Shuttle Loan app after borrowing Rs 5,000.

The accused was identified as Raju Jaya Simha Reddy, a resident of Madhapur in Hyderabad.
Disclosure of the details of the case, Visakhapatnam City Police Commissioner Ch Srikant said the woman downloaded the app from Google Play Store and took a loan of Rs 5,000 on May 17.

The next day, Rs 3,800 was credited to his account after deducting interest. The organizers gave him three days to repay the sum.

Although she settled the debt before the deadline, she was threatened and asked to pay 12,000. The woman immediately paid Rs 12,000 to avoid harassment. However, the organizers continued to confuse her and threatened to share her transformed photos with her contacts. She had given access to her contact list and gallery when downloading the app. The woman then filed a complaint with the cybercrime police on May 24.

“The investigation into his complaint led to startling revelations. Cybercrime Inspector Bhavani Prasad and his team followed the account from which Rs 5,000 was credited. The account was attached to Canara Bank in Hyderabad. According to KYC, it was a firm account. We tracked the phone number and focused on Simha Reddy. During the interrogation, he told all about the loan app racket. said the police commissioner.

Biggest loan application fraud unraveled in AP, says CP

When Simha Reddy was facing serious financial problems, he got in touch with Kevin Wang from China via Facebook. He teamed up with Wang and opened several current and firm bank accounts. The accused then provided the KYC details and access to all bank accounts to the lending app organizers to handle the loan applications without any hassle.

“It has been learned that the Shuttle Loan app is linked to other Chinese loan apps. Simha Reddy opened 16 bank accounts, including 11 corporate accounts, and gave access to the organizers of the loan app” , Srikant said and added that they communicate via Facebook and Telegram Messenger Transactions worth around Rs 100 crore have been made by the organizers in the past six months, police said.

Calling it the biggest unraveled loan application fraud in the state to date, the police commissioner said they will further investigate the matter in coordination with central agencies. There could be multiple victims of Chinese loan apps, he noted. Srikant called on victims to contact the police if they are harassed after borrowing.

VISAKHAPATNAM: Visakhapatnam Cybercrime Police have arrested a person accused of mobile loan application fraud involving at least Rs 100 crore. The racket came to light after a Visakhapatnam-based woman filed a complaint, saying she was harassed by organizers of the Shuttle Loan app after borrowing Rs 5,000. The accused was identified as Raju Jaya Simha Reddy, a resident of Madhapur in Hyderabad. Disclosure of the details of the case, Visakhapatnam City Police Commissioner Ch Srikant said the woman downloaded the app from Google Play Store and took a loan of Rs 5,000 on May 17. The next day, 3,800 rupees was credited to his account after deducting interest. The organizers gave him three days to repay the sum. Although she settled the debt before the deadline, she was threatened and asked to pay 12,000. The woman immediately paid Rs 12,000 to avoid harassment. However, the organizers continued to confuse her and threatened to share her transformed photos with her contacts. She had given access to her contact list and gallery when downloading the app. The woman then filed a complaint with the cybercrime police on May 24. “The investigation into his complaint has led to startling revelations. Cybercrime Inspector Bhavani Prasad and his team tracked the account from which Rs 5,000 was credited. The account was attached to Canara Bank in Hyderabad. According to KYC, it was a firm account. We followed the phone number and focused on Simha Reddy. During the interrogation, he said all about the loan application racket,” the police commissioner said. Biggest loan application fraud unraveled in AP, says CP When Simha Reddy was facing serious financial problems, he got in touch with Kevin Wang from China via Facebook. He teamed up with Wang and opened several current and firm bank accounts. The accused then provided the KYC details and access to all bank accounts to the lending app organizers to handle the loan applications without any hassle. “It has been learned that the Shuttle Loan app is linked to other Chinese loan apps. Simha Reddy opened 16 bank accounts, including 11 corporate accounts, and gave access to the organizers of the loan app” , Srikant said and added that they communicate via Facebook and Telegram Messenger. Transactions worth around Rs 100 crore have been made by the organizers in the last six months, police said. Calling it the largest Unraveled loan application fraud in the state so far, the police commissioner said, they will further investigate the matter in coordination with central agencies There may be multiple victims of Chinese loan applications, a Srikant called on victims to contact the police if they are harassed after borrowing.

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