Home Digital Fund Instant loan application fraud case under ED scanner

Instant loan application fraud case under ED scanner



The ED has looked into suspected cases of instant loan sanction fraud via mobile apps, recently reported by Telangana and Tamil Nadu, as part of its investigation into money laundering in a betting scam in line valued at over Rs 1,100 crore, according to official sources. Monday.

At least five people, including a software engineer, are said to have ended their days in Telangana after being harassed to repay loans granted in alleged violation of regulatory guidelines to gullible and needy victims facing economic hardship. Telangana police have filed at least 50 cases and arrested 29 people, including three Chinese nationals, to date.

Chennai police also arrested two Chinese nationals and as many Indians recently after a plaintiff informed cops that he had been the victim of agony, abuse, threats and harassment by companies in the Chennai region. ‘online loan applications for repayment with high interest rate. Official sources indicated that the Directorate of Execution (ED) had “broadened” its investigation to investigate these FIRs and the complaints filed by the two state police departments. He investigated a case of online betting scam, allegedly carried out with the connivance of certain Chinese nationals, valued at over Rs 1,100 crore. The online betting affair dates back to August of last year.


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