Cyberabad entrepreneur sent out fake CBI notices to loan defaulters

HYDERABAD:  K Sharath Chandra, the founder of two firms Onion Credit and Cred Fox Technologies, and who was arrested by the Cyberabad police, sent fake CBI notices to threaten defaulters and make them pay the loan amounts. Some of them who had availed a loan of around Rs 5,000 also received CBI notices. After completing Masters in the US, he worked as an Accountant in a reputed finance MNC in the US before returning to Hyderabad. 

In 2018, Sharath floated the two firms and approached NBFCs for funding and disbursing loans.

His elderly mother Pushpalatha was a director of these firms. Police found that he himself developed the loan apps and managed them. Except for financial transactions, he used the NBFCs. He had sold two other Apps to Bengaluru-based firms.  

His expertise from his previous job as an accountant helped him pull off the illegal app operations. His firms made an annual turnover of around Rs 40 crore.