Lending

Two of 4 Chinese Arrested by Chennai Police for Launching Instant Loan App

The warning was issued on Cyber ​​Dost’s Twitter account so that users would not fall for the fraudulent messages.

Two Chinese nationals and as many Indian nationals have been arrested for allegedly operating instant loan applications, police said on Saturday. The investigation, based on a complaint filed here, found that the main defendants were operating from China, police said. The two Indians operated the Bengaluru call center and employed more than 100 people to quickly provide loans online, they said.

Each employee had been asked to sanction instant loans to at least 10 people in a week and threatened with sacking if he didn’t, police said. The Chinese nationals ran the call center with the help of the two Indians.

All were arrested in Bangalore on December 31, 2020 and January 1, 2021, according to Chennai Police Commissioner Mahesh Kumar Aggarwal. The arrest was made following Ganesan’s complaint that he was subjected to agony, abuse, threats and harassment from online loan enforcement companies for repayment with a rate higher interest, the commissioner said in a press release.

It was also revealed that another Chinese national was the head of the call center and was operating from China, the statement said. “We are investigating whether the Chinese are using loan applications targeting India only,” added the commissioner. Recently, there have been numerous cases of app-based money lenders harassing borrowers about repayment which has led to suicides.

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