Illegal instant loan apps: Four more arrested by Hyderabad cops

Hyderabad: The Hyderabad Cybercrime police arrested four persons including directors of two financing firms from Bengaluru on charges of lending instant loans and harassing customers here on Saturday. The arrested persons were Niranjan Umapathy, director of Water Elephant Financial Services Pvt Limited and Beadwallet Technologies Pvt Ltd; Yeshi Gyatso, director of Beadwallet Technologies Pvt Ltd; […]

Hyderabad: The Hyderabad Cybercrime police arrested four persons including directors of two financing firms from Bengaluru on charges of lending instant loans and harassing customers here on Saturday.

The arrested persons were Niranjan Umapathy, director of Water Elephant Financial Services Pvt Limited and Beadwallet Technologies Pvt Ltd; Yeshi Gyatso, director of Beadwallet Technologies Pvt Ltd; and Nyichak Dhondup and Usha BM, also directors of Water Elephant Financial Services Pvt Ltd.

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According to the police, the suspects were running finance firms and lured customers with instant loans and then resorted to harassment to get repayments. One such victim approached the police and lodged a complaint, following which a case was booked and investigation taken up.

Some of the instant loan apps from which the suspects doled out loans included Flash Rupee, Smile Loan, Vulcan Loan, Shubh Cash, Apna Loan, Loki Loan, Tiger Cash, Lion Loan, Vulcan Loan, Rupeebar, Easycredit Cashmore, Cashbull, Topcredit, Marsloan and Instacoin.

“They established call centres at Koramangala in Bengaluru and provided instant loans through apps. They then harassed debtors by making calls using virtual apps, apart from regular mobile numbers with the help of about 200 tele-callers,” said Avinash Mohanty, Joint Commissioner of Police, CCS.

From the investigation done so far, it was found that two Chinese nationals, Cheen Wu, the CEO and Andy Lu Wenjie, Vice President of the companies were involved in the operation. Efforts are on to nab them, he said.

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