In Bengaluru, an illegal Chinese loan app that charged exorbitant interest and shared personal information – The New Indian Express
BENGALURU: Central Crime Branch (CCB) police raided a financial firm allegedly run by Chinese nationals who provided loans to the public and then harassed them by charging outrageous processing fees and interest rates. The defendants are said to have insulted the borrowers by sharing the details of their loan with their friends.
Two people working in the company were arrested and they are identified as Kamaraj More (25), a human resources manager, and Darshan Chowhan (21), who worked as a team leader.
Police said they received credible information that bank accounts were opened using the credentials of those who worked at Licorice Technology Pvt Ltd located at Silver Spring Layout in Munekolala near Marathahalli.
“The office was raided on Wednesday and investigations revealed that Chinese nationals ran the company, which had developed mobile money-lending apps such as Cash Master and Krazy Rupees. The company had struck a deal with non-financial firms. banks and loaned people money through apps. They charged exorbitant processing fees and once the loan was disbursed, staff started making phone and internet calls to borrowers, urging them to pay interest on a loan. weekly basis. The interest was also exorbitant. If the borrower did not pay the interest, the details of his loan were shared with his friends and insulted them, “police said.
The investigation found that Chinese nationals collected documents such as Aadhaar and PAN cards from staff and registered 5-6 companies in their name. “A total of 52 companies have been registered and bank accounts have been opened in private banks. Interest paid by borrowers has been credited to these account numbers. According to the preliminary investigation, millions of rupees were sent to China through online transfers from these accounts, “the police added.
To attract investments in bogus companies, the defendants allegedly targeted North Indians and lured them with higher returns. “Even these investments have been transferred to their bank accounts. As the two are arrested and 83 computers are seized, efforts are made to catch a fugitive Chinese national,” police added.
A case is registered at the Marathahalli Police Station in this regard under Karnataka Money Lenders Law, Information Technology Law, Prohibition of Charging Exorbitant Interest Law of Karnataka, the Law on the Prohibition of Unregulated Depository Systems and the IPC.