The Economic Offences Wing( EOW) of Odisha Police has arrested another indicted for his alleged involvement in cheating people through a fake loan mobile app, police said on Thursday.
The indicted Ram Shriram Pathade, a occupant of Sonam Heights, Mumbai, was arrested from Indira Gandhi International Airport, New Delhi, on Wednesday.
Before, the police had arrested Tarun Dudeja, the owner of six shell companies and Mohd Javed Saifi, owner of fake company IWT India.
The EOW has also firmed an quantum of Rs6.57 crore in different accounts of IWT India.
After producing Pathade in a original court, the EOW brought him to Bhubaneswar seeking his conveyance remand.
He’s the Director of at least five companies– Mahagram Payments Private Limited, Sarsewa Simplified Inventions Limited, Mahagram Foundation, Finnovity Global Payments Private Limited and Express Digital Money Private Limited, said the EOW officers.
Pathade along with his associates Tarun Dudeja and Mohd Javed Saifi was involved in the business of illegal digital loan apps like Koko and Jojo, which aren’t registered asnon-banking fiscal companies under the RBI Act.
Further than1.5 lakh people, including numerous from Odisha, had downloaded the two fake loan apps.
The EOW has entered further than 100 complaints from Odisha related to the illegal conditioning of loan apps, they said.
During disquisition, the EOW plant that the apps directly credited a small loan quantum ranging from Rs to Rs to guests’ bank accounts.
Once the quantum is credited, within a week the client or borrower is asked to repay the quantum with an inordinate rate of interest.
On turndown to pay the high rate of interest, the concerned client is lowered in numerous ways.
Stag dispatches and nasty filmland along with vituperative textbooks are transferred to his or her WhatsApp number as well as to their contact list as a coercive measure to recover the loan quantum with interest.
The police officers said the process of recovery is so tyrannous and humiliating that there are some cases of the guests committing self-murder.
The police blocked similar virtual accounts created by Mahagram Payments Private Ltd to make similar illegal deals.
