Instant loan app fraud: Hyderabad cops arrest one more

The person arrested on Thursday was identified as Chinnabba Rajashekar (27) of Mahadevpura in Bengaluru.

Hyderabad: One more person was arrested by the Hyderabad Cybercrime police on Thursday in connection with the instant online loan fraud case. So far, 21 persons, including a Chinese national, Zhu Wei alias Lambo, was arrested in the case.

The person arrested on Thursday was identified as Chinnabba Rajashekar (27) of Mahadevpura in Bengaluru, who is the director for nine companies including Yunwei Technologies Private Limited, Satime Technologies Private Limited, One Libra Financial Services, Naqiful Technologies, Aojing Technologies, all of which the police said were connected to money lending apps like Snapit, OK Cash, Mybank, Cashbee, Rupee Factory, Bubble Loan etc.

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K. Nagaraju, Singi Madhu Babu and Palle Jeevana Jyothi and others, who were holding key positions in the companies associated with the instant loan apps, were among those arrested by the Hyderabad police earlier after the scam broke out five months ago. So far, an amount of Rs. 300 crore found in different bank accounts was frozen. Further investigation is on, said Avinash Mohanty, Joint Commissioner, Detective Department.

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