Fake Loan App Scam: Mumbai Police Arrests 4 for Duping People through Fake Lending Apps

The cyber crime branch of Mumbai Police on Monday arrested members of a gang who alledgely duped several people throughout the country through fake loan apps and websites. The fraudsters would ask victims for ‘loan processing fee’ to approve their credit, once the payment was received they would disappear.

February 23, 2021

National

3 min

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Mumbai, February 23: The cyber crime branch of Mumbai Police on Monday arrested members of a gang who alledgely duped several people throughout the country through fake loan apps and websites. As per reports, the accused have been arrested from Uttar Pradesh and Rajasthan. The fraudsters would ask victims for ‘loan processing fee’ to approve their credit, once the payment was received they would disappear. Instant Loan App Scams: RBI Cautions People Against Loans Being Offered by Unauthorised Platforms, Apps Promising Quick & Hassle-Free Approach.

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The gang reportedly floated their apps by reliable names such as ‘Pradhan Mantri Yojana Loan’ and ‘Mudra Loan’ to attract the victims. They had created around 11 apps for the purpose. The fraudsters also set-up call centres from where the user of the fake app would receive a call once he applies for the loan and fill the details. During the investigation, the police found 25 e-wallets and bank accounts which the accused opened with fake documents through which the money was routed. Loan App Racket: 19 Arrested From Hyderabad, Cyberabad, Gurugram; RBI Cautions Borrowers.

The fraudsters allegedly put the contact number of a Pune-based youngster on the app who then would receive calls from troubled victims about the loan approval and even threatened him to return the money. As per a report in the Indian Express, the complaint against the fake loan app gang was filed by the youth himself.

Fake Loan App Scam: Mumbai Police Arrests 4 for Duping People through Fake Lending Apps

The mastermind behind the scam has been identified as 36-year-old Sanjeev Kumar Singh, who earlier has contested and lost UP assembly elections. “The accused would ask them to pay anything between Rs 5,000 and Rs 25,000 as loan processing fee. However, we have found that there were 2.5 lakh downloads of these nine apps alone, in addition to those who may have registered on their website,” DCP (Crime) Karandikar told the Indian Express.

 

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