Loan app fraud: Hyderabad cops find Rs 1 cr in daily-wage labourer's bank account in Delhi
Telangana police said several dubious bank accounts have been found that were operated by fraudsters. They pay a nominal amount to the account holder in lieu of using the account.
Cops say that such a loophole has exposed the Know Your Customer (KYC) mechanism done by the bank. | Photo Credit: BCCL
Key Highlights
- Daily wage account holder did not possess banking kit, ATM card or the internet banking details.
- Daily wage labourer said he also fears a threat to his life from his handlers
Hyderabad: The Telangana police probing the app-based loan fraud has stumbled upon shocking several details. During the investigation, cops have found nearly Rs 1 cr in the bank account of a daily-wage labourer in the national capital Delhi.
This has come to light after police started looking into the individual accounts of people linked to instant loan app fraud.
A team of Telangana police officials who visited Delhi also looked into inward and outward flow of money of suspected individuals and found that the account containing Rs 1 cr belonged to a daily-wage labourer, according to a report in Times of India.
What was more shocking was that the daily wage account holder did not possess banking kit, ATM card or the internet banking details.
Later, it became known that the daily wager was promised Rs 4,000 per month by the accused.
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"A bank account was opened using the details of the daily wager labourer. He was promised Rs 4,000 for this. The account holder is unaware of the money in his account and that it was being misused. The man was scared to tell us the names of people operating his bank account. He also fears a threat to his life from those people. This racket is well organised and needs a deep probe," the report said quoting a police officer on the condition of anonymity.
According to police, they have recorded the statement of the daily wager and found several such dubious accounts.
Police have also recorded the statement of the daily wager and found several such dubious accounts.
Cops say that such a loophole has exposed the Know Your Customer (KYC) mechanism done by the bank. Police officials said the same modus operandi was being used by racketeers in the online gambling racket.
Cops say payment gateways play a key role in helping fraudsters in moving a large amount of money. Police also believe that some payment gateways did not verify the nature of business while entering into a tie-up with Chinese promoted companies.