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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).

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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