Instant Personal Loan App Operators Arrested For Harassing Customers By Cyberabad Police

After receiving complaints from around the country regarding dubious instant loan applications, Cyber Crime Police of Cyberabad has nabbed six members linked with instant personal loan apps for harassing customers.

The action by Cyberabad police came after they received a complaint on December 7 in which the complainant stated that because of his financial needs he searched for instant loan apps on Google play store.  He downloaded an App namely – Cash mama.

According to the victim, on January 8 he uploaded his Aadhar card, PAN card, self-authentication photo, 3 months bank statement, etc., and based on which they provided Rs. 5,000 loan for 7 days period deducting an amount of Rs. 1,180 for GST and processing fees and credited Rs. 3,820 to his account SBI Bank account.

The victim took a loan six times from Cash Mama app.  After that, he received calls from different mobile numbers and they suggested him to take loans from various other loan apps like Hey Fish, Monkey cash, Cash Elephant, Loan Zone, Cash Zone, Water Elephant, Mera Loan etc.

On believing their words, he took a total of Rs. 30,000 loan, but instead of Rs. 30,000 he received Rs. 20,000 only from January to September. After that he had paid a total loan amount of Rs 29,000 till September. But the loan did not get cleared till date and they asked him to pay a total amount of Rs. 8,634 to their different apps and harassed and blackmailed him and threatened him with dire consequences.

They also accessed his entire contact list and started contacting his family members through WhatsApp and used abusive and filthy language.

“During our investigation, we found that three instant personal loan apps — Cash Mama, Loan zone and Dhana Dhan, and two companies Onion Credit Private Limited and Cred Fox Technologies linked to them are offering instant loans by charging a hefty interest,” VC Sajjanar, Commissioner of Cyberabad Police said.

Addressing a press conference on Tuesday, he said they had received five complaints so far on the harassment by the executives of the app.

The cops have put the Reserve Bank of India (RBI) on alert on the very high-interest rates being charged by the apps and dubious methods that they followed for recovery.

“We have sent notices to Google, which is hosting the apps on its Google Play platform. We have also served notices on nine NBFCs for having an association with the apps,” VC Sajjanar, Commissioner of Cyberabad Police, has said.

Public Advisory:

•       Don’t download any Insta Loan Apps from Play store or other source which are not having proper licences from Government authorities.

•       Don’t give your personnel and bank credentials to anyone.

•       Please go through the terms and conditions and verify the licences of the companies whoever offering loans, whether they obtained permission from the concerned authorities like RBI, District Collector.

•       Don’t download any App who asks to give access to the contacts, files, Gallery.