Online Money Lending Scam: 28 People Arrested

PUBLISHED ON: December 23, 2020 | Duration: 4 min, 38 sec

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Hyderabad and Cyberabad police have started a massive crackdown on what appears to be a new avatar of money lending and microfinance, riding on online apps, not approved by the RBI, and operating across cities, especially in the post-lockdown period when people lost jobs and all operations shifted online. After three deaths by suicide were reported due to harassment and humiliation by the hi-tech lenders, Telangana Police conducted multiple raids in Hyderabad and Gurgaon, and have arrested at least 28 people acting as managers. One of the key accused is an engineer with a masters' degree from the US, who developed and sold money-lending apps. Links to China and Jakarta in Indonesia were also found.
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