Loan app scam: Director of 9 firms held in Hyderabad

HYDERABAD: In the ongoing investigation into the illegal activities of online loan apps, the city’s Cybercrime Police have arrested a 27-year-old person who serves as director on the boards of nine companies.The arrested person is Chinnabba Rajashekar, a resident of Mahadevpura, Bengaluru and a native of Chittoor, Andhra Pradesh. 

The companies on which he was a director include Yunwei Technologies, Satime Technologies, Reusing Technologies,  Pregla Fintech, One Libra Financial Services, Naqiful Technologies, Aojing Technologies, Heiseqian Technologies and Feng Fintech Services. These firms are connected to the money lending apps Snapit, Okcash, Mybank, Cash Bee, Rupee Factory, Bubble Loan and Go Cash. 

Police officials said they have arrested a total of 21 persons more following the arrest of Rajasekhar. The 21 arrested include a Chinese national Zhu Wei alias Lambo, K Nagaraju, Singi Madhu Babu and Palle Jeevana Jyothi.During further investigation, the police identified accounts associated to the fraudsters and froze about `300 crore in them. Efforts are being made to arrest the absconding who played a key role in this fraud.