Six including directors of 2 online loan companies arrested in Hyderabad
These companies offered small loans with different applications for a period of seven days and charged an interest rate of 35% per annum and engaged in harassment and blackmail when collecting repayments, police said.
On December 7, the man in a police complaint said that due to his financial need he was granted a loan of Rs 30,000 from lenders based on instant applications between January and September of this year. , but had only received an amount of Rs 20,000 after deducting various fees including processing fees, they said.
The man said he paid off a total loan amount of Rs 29,000, but online loan companies demanded that he pay an additional Rs 8,634 and started harassing, blackmailing and blackmailing him. threaten serious consequences for non-repayment of the remaining amount, police said.
Businesses also accessed her entire contact list and started contacting family members through WhatsApp and reportedly used abusive and dirty language.
Based on the complaint, a case falling under the relevant sections of the IPC, IT Law and Telangana Money Lender Law was registered and during the investigation six people, including directors of the two online loan companies were arrested, Cyberabad Police Commissioner VC Sajjanar told reporters. .
The two companies have entered into agreements with NBFCs and developed their own applications and maintained a 1.5 lakh customer database with around 70,000 active customers at present.
Police said these companies have two nodal accounts, one nodal account pooling the amount of NBFCs and disbursing 75-80% of the loan amount deducting various fees such as processing fees, GST etc.
The loan amount paid by customers goes into another node account which in turn pays it to the NBFC.
Police further said that notices had been sent to various NBFCs and their CEOs and that a notice had also been sent to Google (as these loaner apps are available in the Google Play Store) to remove the apps (apps ) because of their criminal activities.
Three cases of suicides, including that of a software engineer due to harassment by representatives of instant money lending app companies, have been reported in Telangana in the past month, police said earlier.
Police said several complaints have been filed against such instant loan apps at various police stations and are being investigated to bring the culprits to justice.PTI VVK SS PTI PTI
Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI