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).
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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