NEW DELHI: The ED brought under its scanner the suspected cases of instant loan sanction fraud via mobile apps, recently reported by Telangana and Tamil Nadu, as part of its investigation into money laundering in a Online betting valued at over Rs 1,100 crore, official sources said on Monday.
At least five people, including a software engineer, are said to have ended their days in Telangana after being harassed to repay loans granted in alleged violation of regulatory guidelines to gullible and needy victims facing economic hardship.
Telangana police have filed at least 50 cases and arrested 29 people, including three Chinese nationals, to date.
Chennai police also arrested two Chinese nationals and as many Indians recently after a plaintiff informed cops that he had been the victim of agony, abuse, threats and harassment by companies in the Chennai region. ‘online loan applications for repayment with high interest rate.
Official sources indicated that the Directorate of Execution (ED) had “broadened” its investigation to investigate these FIRs and the complaints filed by the two state police departments.
He investigated a case of online betting scam, allegedly carried out with the connivance of certain Chinese nationals, valued at over Rs 1,100 crore.
The online betting affair dates back to August last year when the central investigative agency carried out several searches across the country of the head offices of certain companies, their directors and chartered accountants, which allegedly involved in the illegal exploitation of online betting applications on websites, are hosted outside India and operated by Chinese nationals.
The ED case was based on a Telangana Police FIR that was filed against Dokypay Technology Private Limited, Linkyun Technolgy Private Limited and others.
Southern state police also arrested three people, including a Chinese national, in this regard.
The three men were subsequently arrested by the ED also under the Prevention of Money Laundering Act.
The ED said these companies have moved funds worth millions of rupees across the coast using the “lax regulatory” mechanism of online wallets and this is where the angle of money laundering is. money appeared.
The ED will now investigate the instant loan application case as well as the online betting case, as both have a more or less similar modus operandi of cheating people and moving large funds. to foreign coasts, including China, through illegal remittances and “hawala” transactions, officials mentioned.
According to Telangana Police, the loan companies, through instant loan apps, offered loans to individuals, charged huge interest and processing fees, among other things, and resorted to systematic abuse, harassment and threats. defaulters via call centers.
Telangana police also said they have received several complaints that these companies obtained sensitive data such as contacts, photos from customers’ cellphones and used it to defame or blackmail them to secure repayment of loans.
A statement from the Hyderabad police said that a preliminary investigation into these financial transactions revealed that around 1.4 crore of transactions worth nearly Rs 21,000 crore had taken place so far.