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Instant Loan Apps: How instant loan apps drained crores from borrowers – Times of India

While probing the matter, the police found that loan application servers were based in China.

They had raided four companies in Bengaluru — Mad Elephant Technologies, Borayanxy Technologies, Profitise Technologies and Wizzpro Solutions — and arrested two people, including a chief financial officer and a human resource manager.

Directors of three of these four companies were Chinese.

Further investigations revealed that the prime accused was operating from China with the assistance of two Indian nationals who were operating the call centre from Bengaluru. The company had employed over 100 people to provide quick online loans.

Each employee was asked to sanction instant loans to at least 10 people in a week and were threatened of being sacked if they failed to do so.

All of them have been arrested by the Bengaluru Police.

Similar instances were reported from Hyderabad as well. A 27-year-old Chinese national named Zhu Wei (Lambo) was arrested for heading the operations of the loan apps which were run by companies Aglow Technologies, Liufang Technologies, Nabloom Technologies, Pinprint Technologies.

On questioning, Zhu revealed that a Chinese national named Yuan Yuan set up operations of the loan app in India. Yuan is presently abroad.

Investigations have also revealed that the SIM cards used by the accused were procured fraudulently by the directors of a digital firm with the help of two people, including the territory sales manager of a mobile service provider.

More than 1,100 sim cards were procured and handed over to the accused.

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