Telangana

Director of nine companies held in loan app fraud

Continuing their probe into the alleged financial fraud by the app-based loan app companies, Hyderabad Cyber Crime police on Thursday arrested the director of nine such firms based out of Bengaluru.

The 27-year-old Chinnabba Rajashekar, who hails from Andhra Pradesh’s Chittoor district and works in Karnataka State capital.

He was the directors of Yunwei Technologies Private Limited,Satime Technologies Private Limited, Reusing Technologies Private Limited, Pregla Fintech Private Limited, One Libra Financial Services Private Limited, Naqiful Technologies Private Limited,Aojing Technologies Private Limited, Heiseqian Technologies Private Limited and Feng Fintech Services Private Limited which are connected to money lending apps namely Snapit, ok cash, Mybank, Cash bee, Rupee factory, bubble loan, go cash etc., said Joint Commissioner of Police (Detective Department) Avinash Mohanty.

He said that so far they have arrested 21 persons including a Chinese national Zhu Wei alias Lambo and K. Nagaraju, Singi Madhu Babu and Palle Jeevana Jyothi.

During further investigation, police identified various bank accounts associated with the fraudsters and froze about Rs 300 Crore, Mr.Mohanty said.

“Efforts are being made to arrest the absconding accused persons who played a key role in this multicrore financial fraud,”the officer said.


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Printable version | Sep 27, 2021 1:29:24 AM | https://www.thehindu.com/news/national/telangana/director-of-nine-companies-held-in-loan-app-fraud/article34044072.ece

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