Crime Bureau, Tolivelugu: ED officials have decided to approach the loan apps cases in an aggressive manner. Rs.105 crores in the bank accounts of 12 loan apps operating in the Telangana center have been seized. ED officials have frozen 233 bank accounts belonging to Indi Trade Fin Corp and Aglow Fin Trade Pvt Ltd as well as fintech companies in collusion. In the investigation conducted based on the first case registered by Hyderabad Cyber Crime Police, eye-catching things are coming to light.
Many people committed suicide in Telugu states after being affected by online loan apps. Thousands were subjected to severe psychological abuse. Harassment along the lines of aspects like blackmailing with nude videos and threatening in person at the house has become common. In this order, central agencies have focused on the sources of these loan apps.
The primary investment for those who create loan apps comes from China. In this way, many fintech companies are tie-up with non-banking credit institutions to provide personal loans based on investments coming from China. In fact, it was revealed in the ED inquiry that the non-banking loan companies, who said that they only provide technical assistance to the loan companies, are running everything behind the scenes.
Non-banking lending institutions have developed digital loan apps and offered them to fintech companies. All lending to customers went as they said. Cast a net to customers based on social media data. Those who asked for a loan would log in and update their PAN card, Aadhaar card, and phone number and the money would be deposited in their bank account within a few minutes. Repayment should be made within a week to a month, and those who fail to do so will have to pay high interest. Customers who are too late are harassed.
In this way, 233 loan apps, and loans were given and collected through bank accounts from Hyderabad. The whole business itself which was held in Hyderabad has crossed Rs.4,430 crores. ED has found that their profit is Rs.820 crores. The ED in its documents has termed this as the proceeds of crime.