Loan App Arrests: More apps under scanner as links emerge with accused

The accused were produced in court on Friday and were remanded in further police custody till June 20

Staff ReporterUpdated: Friday, June 17, 2022, 08:38 PM IST
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Mumbai: The five loan app recovery agents arrested by the Maharashtra Cyber department were also working for four to five other loan apps, which are now under the scanner.

The five accused, who range from high school droupouts to an MBA graduate, were arrested on June 10 for allegedly intimidating and blackmailing customers of a loan app called Happy Loans. The accused were allegedly given a target of Rs 40,000 to recover on a daily basis, and were threatening to defame their victims as rapists.

“We have found that the accused were also doing the same job for four to five other loan apps, and are now conducting investigations against these apps. These apps are registered in various parts of the country but obviously have a limitless scope, thanks to the internet. We are obtaining details of these apps,” a Cyber officer said.

The officer added that the links of the arrested accused with other such recovery agents are also being examined, and inquiries are underway in Karnataka in this regard. All the five arrested accused hail from Karnataka, from where they were arrested.

Meanwhile, the accused were produced in court on Friday and were remanded in further police custody till June 20.

Additional Director General of Police Madhukar Pandey, Maharashtra Cyber said, “Some fresh leads have come to light in our investigation and we are verifying them.”

The arrests were the result of an umbrella investigation into the growing complaints against loan apps, which was started by Maharashtra Cyber on instructions of the Home Department. The investigating team analysed 2084 complaints from Maharashtra and spoke to 27 victims till one of them, a Mulund resident, registered a formal FIR.

Based on technical investigation, the police traced one of the accused to Dharwad in Karnataka and the four others to Uttar Kannada. They were brought to Mumbai on the morning of June 12 and placed under arrest.

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