Director of nine companies held in loan application fraud
Chinnabba Rajashekar, 27, is from Chittoor district in Andhra Pradesh and works in Bengaluru.
Continuing their investigation into alleged financial fraud by app-based loan application companies, Hyderabad Cyber Crime Police on Thursday arrested the director of nine of the Bengaluru-based companies.
Chinnabba Rajashekar, 27, is from Chittoor district in Andhra Pradesh and works in the state capital of Karnataka.
He was a director of Yunwei Technologies Private Limited, Satime Technologies Private Limited, Reusing Technologies Private Limited, Pregla Fintech Private Limited, One Libra Financial Services Private Limited, Naqiful Technologies Private Limited, Aojing Technologies Private Limited, Heiseqian Technologies Private Limited and Feng Fintech Services Private Limited which is connected to money lending apps namely Snapit, ok cash, Mybank, Cash bee, Rupee factory, bubble loan, go cash, etc., said Joint Police Commissioner (Detective) Avinash Mohanty.
He said that so far they had arrested 21 people, including Chinese national Zhu Wei aka Lambo and K. Nagaraju, Singi Madhu Babu and Palle Jeevana Jyothi.
During further investigation, police identified various bank accounts associated with the fraudsters and froze around Rs.300 crore, Mohanty said.
“Efforts are being made to arrest the fleeing defendants who played a key role in this multi-chip financial fraud,” the officer said.