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HomeIndiaChinese national, 3 others arrested in Hyderabad 'instant loan' apps case

Chinese national, 3 others arrested in Hyderabad ‘instant loan’ apps case

The accused had developed 11 Instant loan apps, offering loans to individuals and levying hefty penalties in case of defaults, police said.

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Hyderabad: Four people, including a Chinese national, have been arrested here for allegedly using coercive methods to recover dues from defaulters who had used 11 instant loan apps developed by them, police said.

Two others, including another Chinese national are absconding and a hunt was on for them, they said.

They were arrested on Thursday during a raid on a call centre here, which was being used as a backend for collection of dues, a police press release said.

The accused had developed 11 Instant loan apps, offering loans to individuals and levying hefty penalties in case of defaults.

“(They also) resort to systematic abusing, harassing, threatening of defaulters through call centers run by them.

They even blackmailed the borrowers by sending fake legal notices to their relatives and family members, it said.

Recently police had registered eight cases against these app based lenders.


Also read: ED attaches Rs 255-crore assests for alleged agri loan fraud, duping farmers in Maharashtra


 

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