The Telangana police that is investigating the app-based loan fraud has come upon some shocking details. Over the course of the investigation, cops from Hyderabad have found Rs 1 crore in the bank account of a daily-wage labourer in Delhi.?
This was revealed when police started looking into the individual accounts of people linked to instant loan app fraud.
A team that visited Delhi also checked on the outward flow of money of those believed to be responsible and discovered the account as per a report in TOI.?
Even more shocking was the fact that the account holder did not have a banking kit, ATM card or internet banking details.?
Then it was learned that he was promised Rs 4000 per month by the accused.?
"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 quoted a police officer as saying.?
Police have taken the labourer's statement and found several dubious accounts.?
Cops say that this loophole has exposed the KYC mechanism done by the bank. Police said the same method of operation was used by racketeers in gambling online.
They added that payment gateways had an important role in helping fraudsters move large sums. Police believe some gateways are not clear on the nature of business while tying up with Chinese promoted companies.