Continuing their probe into financial irregularities by app-based instant loan companies, Hyderabad Cyber Crime police arrested four more persons from Bengaluru.
The accused are Niranjan Umapathy, director of WaterElephant Financial Services Pvt Ltd.. and Beadwallet Technologies Pvt. Ltd., Yeshi Gyatso, director of Beadwallet, Nyichak Dhondup and Usha BM of WaterElephant. They operated at least 19 instant loan apps.
Yeshi Gyatso and Nyichak Dhondup are Tibetan refugees.
Further probe into the case unearthed the involvement of two fugitive Chinese nationals Cheen Wu, CEO and Andy Lu Wenjie, said Joint Commissioner of Police (Detective Department) Avinash Mohanty.
He said that the accused operated apps, including Flash Rupee, Raytheon Loan, Elephant Loan, Smile Loan, Vulcan Loan, Shubh Cash and Apna Loan.
Explaining the modus operandi, Mr. Mohanty said that the accused started a call centre at Hustle Hub Building, Koramangala in Bengaluru, and harassed borrowers by making calls from virtual apps, apart from the regular mobile numbers, for repayment of loan amount. The two firms nearly had 200 telecallers.
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