Three others, including a Chinese woman, detained in Telangana loan application fraud – The New Indian Express
HYDERABAD: Police in Rachakonda on Sunday arrested a Pune-based company for directing the illegal activity of providing unsecured loans to citizens through instant loan mobile apps. Three people, including a Chinese national, were arrested by police.
Those arrested were identified as Parshuram Lahu Takve, 31, his wife Liang TianTian, a 35-year-old Chinese national, and Sk Aaqib, a 20-year-old student. All three were residents of Pune.
Rachakonda police seized the defendants as they investigated a complaint filed by a Uppal resident named Bhumana Prasad. He had taken out two small loans through an app called My Bank, which he had both paid back in full. Later, when he went through his bank statement, he found that 26,000 rupees had been credited to his bank account from 14 different mobile loan apps, without him requesting the loans. He ended up paying Rs 44,000 to loan applications in repayment of the loan principal and interest.
Even after that, he continued to receive loan monies from said applications although he did not request any. The enforcement company demanded that he repay the loan with 50 percent interest. He later began to receive calls from agents working for the company, who harassed him to reimburse him exorbitant amounts.
While investigating the complaint, police traced the source of said loan application to Pune. According to some reports, the accused Parshuram Lahu Takve had floated a company called Jiya Liang InfoTech Pvt Ltd in Pune, with the help of another person from Maharashtra named Amit Nandu Kalbhor. The company deals with providing instant unsecured loans through various mobile applications.
When questioned by Rachakonda Police, the company failed to produce valid licenses from the RBI to run the non-bank finance company. Currently, around 650 employees work with the company, and they are encouraged to use their personal cell phone numbers to call borrowers and harass them.
The company’s clients have developed around 16 loan apps that provide instant loans to those in need and collect huge repayments (including interest, processing fees, GST, default fees, a penalty of 1%, among others). These applications are developed in such a way that, when installed, the company has access to contacts and other data on the recipient’s mobile phone. These apps also collect proof of identity, PAN details, KYC documents and customer bank details.
Applications developed by the accused company include Krazy Bean, Krazy Rupee, Cashplus, Rupee Pro, Gold bowl, First Cash, Real Rupee / Rupee Bear, Rupee Most, First Cash, Credit Rupee, Cool Cash, Money Now, Pocket Rupee, Rupee Day, Cash Goo and Cash Star Meanwhile, police in Warangal Cybercrime and Jangaon, in a joint operation, on Sunday arrested three of five members of an international gang involved in the loan application fraud.
Eye-catching names for many applications
Applications developed by the accused company include Krazy Bean, Krazy Rupee, Cashplus, Rupee Pro, Gold bowl, First Cash, Real Rupee / Rupee Bear, Rupee Most, First Cash, etc.