Odisha: Shell firm owner held over fraud app ‘links’

BHUBANESWAR: The economic offences wing (EOW) of the state crime branch on Sunday arrested the owner of a shell company for his alleged link with the fraud Koko loan app, which allegedly cheated many loan applicants of crores of rupees in the state and outside.
The accused was identified as Tarun Dudeja, a resident of Gurgaon. EOW said Dudeja was reportedly working as a fixer for Koko loan firm.
Dudeja was director and proprietor of six sham companies — Digital Batua, Paisa Online Services Private Limited, Switz Infotech Private Limited, Bazarpe Infotech Private Limited, Milanum Enterprise and Bacchat Online, the EOW said.
“We found suspicious transactions between the bank accounts of the six companies and Koko loan company. Koko app used the bank accounts of the six companies to carry out its illegal loan business,” EOW’s deputy inspector general, J N Pankaj, said.
Koko loan company had been sending bulk messages to people and insisted them to download its app for instant loans. After downloading the app, the users were asked to allow the company to give access to their contact lists. The users were also asked to fill up a KYC form, including the account number, to receive the loan amount.
The company was transferring the loan amount to applicants from the bank accounts of the six fraud companies and some other such sham entities.
After sending the money, Koko agents forced the loanees to repay thrice the loan amount within a few days. If the loanees ignored their calls and messages, the company hacked their contact lists and sent abusive and vulgar messages to the contacts.
A few days ago, the EOW arrested Mohammad Javed Saifi, proprietor of IWT India, another fraud firm, for allegedly working hand-in-glove with Koko app.