Four more held in loan app case
Updated:
Updated:
Share Article
AAA
Continuing their probe into financial irregularities by app-based instant loan companies, Hyderabad Cyber Crime police arrested four more persons from Bengaluru.
The accused are Niranjan Umapathy, director of WaterElephant Financial Services Pvt Ltd.. and Beadwallet Technologies Pvt. Ltd., Yeshi Gyatso, director of Beadwallet, Nyichak Dhondup and Usha BM of WaterElephant. They operated at least 19 instant loan apps.
Yeshi Gyatso and Nyichak Dhondup are Tibetan refugees.
Further probe into the case unearthed the involvement of two fugitive Chinese nationals Cheen Wu, CEO and Andy Lu Wenjie, said Joint Commissioner of Police (Detective Department) Avinash Mohanty.
Telangana police says online instant loan apps illegal, will take action
The Telangana police Friday stated that there are at least 60 such loan applications available on Google Play Store which are not registered or recognised by the Reserve Bank of India as an NBFC and their operations were unlawful. Updated: December 19, 2020 12:41:40 pm
In connection to the rising number of such cases, the DGP’s office clarified that the rules of the Reserve Bank of India will strictly apply to lenders either online, offline, or from any bank.
Taking a serious view of various mobile app companies that offer instant loans, the Telangana police Friday stated that there are at least 60 such loan applications available on Google Play Store which are not registered or recognised by the Reserve Bank of India as an NBFC and their operations were unlawful.