Delhi police bust cyber fraudsters who cheated through loan app, arrest six persons

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Delhi police have busted a gang of cheats who used to dupe people using a fraudulent loan app called 'Cash Advance' and arrested six people, said officials. The arrested persons were allegedly extorting money on the pretext of providing an instant loan, said the police.

"Jai Goyal, resident of Model Town, New Delhi alleged that some persons were extorting and blackmailing the public at large on the pretext of providing instant loan by getting access to their mobile data illegally through a loan app called Cash Advance," Delhi Police said giving details of the chain of events.

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Further, on search of NCRP portal, a total of 102 complaints from Delhi region and 1977 from all over India were found lodged against the same app. Hence, a case under sections 384/385/420/120B of IPC was lodged at Police Station Special Cell, Delhi after preliminary enquiry and investigation was taken up, said the Police.

A team of Special Cell was constituted to identify and apprehend the culprits. During course of investigation, relevant details from various banks and ROC (Registrar of Companies) about the accounts, alleged companies and proprietorships were collected and it came to notice that companies were registered at the addresses of Delhi, Surat, Kerala and Kolkata, said the Police.

However, the directors of these alleged companies were not traceable. Hence, the team conducted comprehensive analysis and carried out exhaustive field investigation and finally succeeded in tracing the accused persons from different locations. Thereafter, simultaneous raids were conducted on these locations and accused persons were apprehended.

The gang used to offer short term loans to users at "very low interest rates" through a mobile application called Cash Advance and would get the access of personal data of victims at the stage of installation of the application. However, after giving the money through digital modes, they used to raise the interest rates exorbitantly and even after the repayment of the loan, they used to demand more money from the borrowers or their relatives by threatening them in various ways like sharing their morphed pictures.

During course of investigation, it came to notice that the accused Gokul, Mustajab, Anisbhai, Ashok and Balwant had got registered the fake companies and got bank accounts opened. It has been revealed that an amount of around Rs. 350 Crores is circulated in these accounts out of which 83 Crores are again disbursed as micro loan to various persons after deducting the commission.

Accused Nitin, who had worked in a Chinese loan app company as a team leader before, is well versed with the working of loan apps and recovery process. Accuaed have been identified as Mustajab Gulam Mohammed Naviwala, Anisbhai Ashrafbhai Vinchhi, Gokul Biswas, Ashok, Balwant and Nitin. seven mobile phones, one laptop, 15 debits cards and a total of Rs. 60 lakhs of the defrauded money have been frozen in various bank accounts have been recovered, said Delhi Police.

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