"fraudulent"

More than 40 non-bailable warrants were issued against the wanted person, identified as Kundana Srinivasa Rao who also went by alias names of Srinivas and Shashank Rao

Administrator of the Company received an initial report indicating that there are certain transactions which are undervalued, fraudulent and preferential in nature, falling under the aforesaid sections of the Code

The IT ministry said it received a number of public grievances against frauds and the malpractices by few online instant loan applications available on internet including on Google PlayStore.

“It is very hard to tell how effective it will be but we are confident it will have a very long-lasting effect.”