Continuing their probe into the alleged financial irregularities by app-based instant loan firms, Cyber Crime police on Wednesday announced the arrest of a 24-year-old from Bengaluru.
B.K. Kalappa (24), who was arrested on Tuesday, was one of the directors of Finexpress Financial Services Pvt. Ltd, Bengaluru, which runs Hi-cash instant loan app, Joint Commissioner of Police (Detective Dept.) Avinash Mohanty said.
He said that so far the police had arrested 22 persons, including the Chinese national Zhu Wei alias Lambo, K. Nagaraju, Singi Madhu Babu and Palle Jeevana Jyothi and regularised four accused persons on prisoner transit warrant, including Chinese National Yi bai alias Dennis.
In the course of investigation, police identified the accounts associated with all the fraudulent money-lending companies and froze about ₹400 crore, Mr. Mohanty said.
