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Police interact with RBI officials on loan app fraud

Police interact with RBI officials on loan app fraud
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Suggest guidelines for digital lending
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Suggest guidelines for digital lending
Police of Hyderabad, Cyberabad and Rachakonda Commissionerates investigating alleged financial irregularities by instant loan app companies on Friday held a meeting with the Reserve Bank of India appointed working group for devising modalities to regulate the space of digital money lending in the country.
They apprised the officials of the RBI on the entire situation arising out of the operation of unscrupulous money lending apps and their predatory approach towards public lending and recovering the loans.
Further, the police suggested devising guidelines to streamline the digital lending by authorised NBFCs using various platforms. “Public must be able to identify the genuine and unauthorised money lending agencies and their lending process should be transparent and adherent to all the ....

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Seven of gang who robbed TN branch of Muthoot Finance held near Hyderabad

Seven of gang who robbed TN branch of Muthoot Finance held near Hyderabad
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They were escaping with over 25 kg of gold jewellery and ₹ 96,000 cash
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Cyberabad Commissioner of Police V.C. Sajjanar, SP Krishnagiri district Bandi Gangadhar along with senior officers showing the seized gold during a media conference in Hyderabad on Saturday. | Photo Credit:
Nagara Gopal
They were escaping with over 25 kg of gold jewellery and ₹ 96,000 cash
Seven members of an armed gang, who robbed a little over 25 kg of gold jewellery worth around ₹ 7.5 crore and ₹96,000 cash in broad daylight from a Muthoot Finance Limited branch at Hosur of Krishnagiri district in Tamil Nadu on Friday, were arrested on the outskirts of Hyderabad in the wee hours of Saturday. ....

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Muthoot robbery: seven-member gang held near Hyderabad

Gang caught by Telangana police after an alert: Krishnagiri SP
Seven members of an armed gang who robbed 25,091 grams of gold jewellery worth around ₹7.5 crore and ₹96,000 cash in broad daylight from a Muthoot Finance Limited branch at Hosur in Krishnagiri district on Friday, were arrested on the outskirts of Hyderabad in the early hours of Saturday.
The inter-State dacoity gang, which was trying to flee to Madhya Pradesh and Jharkhand via Nagpur on National Highway 44, was nabbed by the Cyberabad police near Tondupally toll plaza near Shamshabad airport in a joint operation with their counterparts in the Hyderabad and Rachakonda Commissionerates of Telangana and Krishnagiri police. ....

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Another online loan defaulter ends life

Another online loan defaulter ends life
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Pet-Basheerabad resident had taken ₹70,000 loan from app-based companies
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Pet-Basheerabad resident had taken ₹70,000 loan from app-based companies
Unable to withstand the alleged harassment by microfinance lending app companies, a private employee killed himself at his residence in Gundla Pochamma village of Pet-Basheerabad in Medchal-Malkajgiri district on Saturday morning.
This is the fifth “forced suicide ‘ in Telangana due to online lenders harassment and public shaming.
The victim, G Chandra Mohan (36), obtained a personal loan from an app a few weeks ago, and to clear it within the stipulated time of one week, he ended up taking loans from multiple apps, Cyberabad Commissioner of Police V.C. Sajjanar told ....

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One more online loan defaulter ends life in Telangana

Harassed by online loan apps, defaulter ends life in Telangana
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36-year-old had taken ₹70,000 loan from nine app-based companies
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36-year-old had taken ₹70,000 loan from nine app-based companies
Undeterred by the police probe into app-based loan finance companies, loan recovery calls made to customers are eventually forcing them to end their lives.
On Saturday, G. Chandra Mohan, 36, supervisor of a private warehouse, committed suicide at his residence at Gundla Pochamma village of Pet-Basheerabad in Medchal-Malkajgiri district, about 30 km from Hyderabad. This is the fifth “forced suicide” by these companies existing only as mobile applications.
Cyberabad Commissioner of Police V.C. Sajjanar said that the victim took a loan from one such company a few weeks ago and to repay the amount before the deadline of one week, he took loans from other unauthorised app available on Google Playstore. ....

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