Police interact with RBI officials on loan app fraud
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Suggest guidelines for digital lending
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Suggest guidelines for digital lending
Police of Hyderabad, Cyberabad and Rachakonda Commissionerates investigating alleged financial irregularities by instant loan app companies on Friday held a meeting with the Reserve Bank of India appointed working group for devising modalities to regulate the space of digital money lending in the country.
They apprised the officials of the RBI on the entire situation arising out of the operation of unscrupulous money lending apps and their predatory approach towards public lending and recovering the loans.
Further, the police suggested devising guidelines to streamline the digital lending by authorised NBFCs using various platforms. “Public must be able to identify the genuine and unauthorised money lending agencies and their lending process should be transparent and adherent to all the legal provisions,” they
Four more held in loan app case
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Continuing their probe into financial irregularities by app-based instant loan companies, Hyderabad Cyber Crime police arrested four more persons from Bengaluru.
The accused are Niranjan Umapathy, director of WaterElephant Financial Services Pvt Ltd.. and Beadwallet Technologies Pvt. Ltd., Yeshi Gyatso, director of Beadwallet, Nyichak Dhondup and Usha BM of WaterElephant. They operated at least 19 instant loan apps.
Yeshi Gyatso and Nyichak Dhondup are Tibetan refugees.
Further probe into the case unearthed the involvement of two fugitive Chinese nationals Cheen Wu, CEO and Andy Lu Wenjie, said Joint Commissioner of Police (Detective Department) Avinash Mohanty.
Call centres in city used as ‘soft reminders’
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This was the first stage of the ‘bucket’ method used to recover amount
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This was the first stage of the ‘bucket’ method used to recover amount
Call centres of app-based instant loan companies operating from Hyderabad were primarily used for soft reminders for a couple of days when the payment cycle fires.
This was the first stage of the ‘bucket’ method practised by the online micro financing companies to recover the loan amount from defaulters.
Three-tier architecture
The recovery operation is a three-tier architecture with levels ranging from ‘soft, hard, and raw’ reminders.
‘Chinese national set up operations in city’
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Probe on to identify her role in the fraud
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Probe on to identify her role in the fraud
Hyderabad police have leads on a Chinese national coming to the city to set up his operations on app-based instant loan companies with local businessmen with a promise of high profits sharing.
Having his base in Gurugram, the Chinese national got two or three loan apps to recover call centres set up in Hyderabad and have overseen the operations of the existing centres.
“We have a lead about a Chinese national visiting Hyderabad two or three months ago to set up new centres here and going back to his country,” Commissioner of Police Anjani Kumar said.