Instant loan app racket busted in Gurgaon, two arrested | Gurgaon News

Gurgaon: Cyber ​​Police in Gurgaon busted an instant microloan lending racket conducted through a mobile phone app and arrested two people from the company’s call center in Sector 58.
Police said the accused used the mobile app to offer instant loans of Rs 2,000 to Rs 5,000 for a week at exorbitant rates and also deducted a processing fee of between Rs 600 and Rs 1,200 at disbursement. Debt collectors used to intimidate defaulters by threatening to make their personal photos and videos go viral.
The “mycash” app is similar to Chinese instant loan apps busted by Hyderabad police earlier this year, leading several people in Telangana to end their lives.
Acting on a tip, a team from the Cyber ​​Police Station raided the call center of PSPR Enterprise Pvt Ltd operating on the eighth floor of a building in Sector 58 on Thursday. Cops said the company was offering instant loans through the app without the mandatory RBI Non-Banking Financial Company License.
The company was found to charge exorbitant processing fees and interest on small loans offered for a week through the mobile app, cops said. The two arrested defendants were identified as Faridabad resident Sanjay Kumar and Bharat from Charkhi Dadri.
“Investigations revealed that the accused used to collect the personal data of several people who downloaded the app from Google Play Store by providing their personal information and uploading copies of their PAN and Aadhaar cards to contract ready,” CPA Karan Goel said.
The defendant also had a habit of hacking into clients’ cell phones to obtain the personal information of their relatives, such as their names, addresses and cell phone numbers. “They used the data to put pressure on people if they were late in paying back,” the CPA said. An FIR was filed against the two defendants under sections 420 (cheating) and 120B (criminal association) of the CPI and under the computer law. The duo were presented to a court on Friday, which placed them in police custody for three days for further questioning.

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