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Wednesday, May 12, 2021
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Scam 2020: Multicrore Loan Apps Scam Caught In Hyderabad, Gurgaon

Hyderabad Police have frozen 75 financial institution accounts holding Rs 423 crore in reference to a multi-crore cash lending rip-off – that charged victims as much as 35 percent curiosity – performed by way of 30 cell phone apps that weren’t accepted by the Reserve Financial institution of India (RBI).

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Multicrore Loan Apps Scam Caught In Hyderabad, Gurgaon, RBI Warning Out.

Hyderabad Police have frozen 75 bank accounts holding ₹ 423 crores in connection with a multi-crore money lending scam – that charged victims up to 35 percent interest – conducted via 30 mobile phone apps that were not approved by the Reserve Bank of India (RBI).

Coutesy: NDTV YouTube Channel

The mobile apps, which are suspected to be fraudulent, drew a high number of users in the lockdown period when scores of Indians were in need of loans, reports said.

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