Hyderabad: After finding nearly Rs 1 crore in an account which actually belongs to a daily wage worker from Delhi, Telangana police probing the instant loan app cases are now looking into the profiles of various individual accounts linked to the scam.
While analysing the inward and outward money flow into various accounts belonging to companies and individuals linked with loan app transactions, a team of Telangana police which went to Delhi also verified the details of account holders. To their shock, they found one of the accounts belonged to a Delhi-based daily wage worker. He was not in possession of the banking kit, including the net banking details or an ATM card.
“Using his details, a bank account was opened and he was promised Rs 4,000 per month for letting the culprits use his bank account. But the account holder is unaware that he has a balance of nearly Rs 1 crore and it is being misused. He was scared to tell us about people carrying out bank operations in his name. He fears a threat to his life from his handlers. This is an organised racket and it requires an in-depth investigation,’’ a police officer told TOI on the condition of anonymity.
Sources said police recorded the statement of the daily worker. They found several such dubious accounts.
Police said that this has exposed the authenticity of Know Your Customer (KYC) verification done for bank account holders. This trend was observed even during the online gambling racket, wherein bank account holders were lured by the racketeers.
The sources said whether it is the case of Chinese-promoted loan app fraud or the online gambling racket busted earlier, payment gateways played a key role in helping them with large volumes of transactions.
“Each of these apps promoted by Chinese companies, which are into the business of loan app or any other, have tie-ups with some gateways. These gateways are allowing huge inflow and outflow of money, without any check. The amount collected from customers, in turn credited into a company’s bank account, is redistributed into multiple accounts. This service is again being done by the same payment gateways, without any trouble to these companies,’’ an official said.
Till now, Chinese companies have done a business turnover of at least Rs 25,000 crore through nearly five crore transactions. A few payment gateways, through which maximum number of transactions were done, allegedly did not verify in detail the nature of the business being done by these Chinese-promoted companies, while entering into a tie-up to facilitate the payment gateway service, cops said.
Read More: App fraud: Rs 1 cr found in Delhi labourer’s a/c | Hyderabad News