Zixia Zhang with the help of his Singapore based company and the team has been operating their business for the past one year without any permissions neither from RBI, nor from District Collector
HYDERABAD, Dec 25 (BNC Network) – Asking Google to delete as many as 116 Apps aggressively selling instant loan rackets, the Cyberabad police have identified a Singapore-based Chinese National to be the mastermind behind the Fraud.
VC Sajjanar, Police Commissioner of Cyberabad Police, the Cyber Crime Police of Telangana state raided a call centre Cubevo Technology Pvt Ltd headed by Zixia Zhang, who is currently absconding. He could be hiding in Singapore.
Police have disclosed the list of Instant Loan Apps with dubious credentials. They include Loan Gram, Cash Train, Cash Bus, AAA Cash, Super Cash, Mint Cash, Happy Cash, Loan Card, Repay One, Money Box and Money Box.
BizNewsConnect checked online and found quite a few of these apps are still active, with from third party testimonials.
The list of call centres established by these fraudsters are Top Fun Technologies Pvt. Ltd; Fasmate Technology Services Pvt Ltd both located at Gurgaon; Cubevo Technology Pvt Ltd and Best Shine Technology Pvt Ltd, both are being operated from Hyderabad.
Police have arrested four members including another Chinese national. Police seized two laptops and four mobile phones sealed a bank account with a balance of Rs 2crore in the account.
Zixia Zhang, along with Umapati and Ajay, developed 11 Instant Loan Apps and have been luring the innocent people into their trap.
The call centre Cubevo Technology which Cyberabad Police raided is set up by Skyline Innovations Technologies India Pvt Ltd with its ROC registration at Gurgaon. Umapati, a Delhi resident, is also at large.
The four arrested include Chinese National and Chief Operating Officer(COO) Yi Bai who is working as a Business Development Manager of Skyline Company; Satyapal Khyalia, a native of Rajasthan who helped Yi Bai set up new call centre TopFun Technologies Pvt. Ltd; another Rajasthan native Anirudh Malhotra who is sent to Hyderabad to manage a call centre, Best Shine Technologies Pvt Ltd and Murathoti Richie Hemanth Seth, a native of Kadapa district of Andhra Pradesh who is sent to manage call centre Cubevo Technologies,
All these six people have been operating Instant Loans at exorbitant rates of interest, harassing and shaming defaulters. The cyberabad police have so far registered eight cases.
It all started when police got a complaint from a person who Googled lenders for his pressing financial needs. He downloaded the Instant Loan App and uploaded Aadhar and pan card, self-attested photo and 3 months bank statement as mandated. For a loan of Rs 2,015 for 7 days, they deducted Rs 415 and disbursed Rs 1600/-. Soon after that, he received calls from different mobile numbers offering instant loans. On their persistent follow-up, he availed 1.20 lakh from 28 different instant loan apps. Even after paying Rs 2,00,000 with interest as per their terms and conditions, he received abusive calls and threatening calls from their tele-callers. They blackmailed him with legal notices.
Police have placed a nationwide alert and got in touch with the RBI and Enforcement Directorate.
Zixia Zhang with the help of his Singapore based company and the team has been operating their business for the past one year without any permissions neither from RBI, nor from District Collector who is authorized to grant licenses for money lending business locally. “We are confident of bringing culprits to the book and save the gullible and innocent people,” said Mr VC Sajjsanar.
Meanwhile, the Commissioner advised people told people to be alert about such unscrupulous businesses. Don’t fall prey to unauthorized mobile apps, he cautioned them.
He cautioned people against loans being offered by unauthorised digital platforms, mobile applications promising a quick and hassle-free process. He advised the general public not to download any instant loan applications or apps.
According to their investigation team, they have also come to understanding that nearly 700 to 800 such instant loan apps seem to be existing. They are also looking into them. Mr Sajjanar has asked people not to get panic. They shouldn't hesitate to go to the police if they face any harassment from any such Apps in future. He gave a note of caution amid a major instant loan app scam being surfaced in the country with its multi-city network.
Sajjanar gave this advisory in the light of reports about individuals falling prey to growing number of unauthorised digital lending platforms/Mobile Apps or applications, all promising quicker, faster and hassle-free loans.
Legitimate loans can be offered by banks, non-banking financial companies registered with RBI and entities which are regulated by the state governments. People need to be vigilant more now than ever before. Even the media too must help people. The public must verify the background of entities which are offering easy, lucrative loans on various digital platforms, said Sajjanar.
"We are looking deeper into their modus operandi and source of funding. We are confident of apprehending all the culprits involved in this fraud," he said and urged people to be doubly sure and verify before they download any new instant loan app or applications other than those who have licences from Government authorities.
He also advised people not to share personal and bank credentials to strangers. He advised people to go through the terms and conditions, especially those in smaller font. Verify their licenses, company background and credentials of the people behind such businesses.