Credit App Scam: Hyderabad Police officers find Rs 1 cr in bank account of day laborer in Delhi

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Police officers say one such loophole exposed the bank’s Know Your Customer (KYC) mechanism. | Image credit: BCCL

Key highlights

  • The owner of the daily wage account had neither a banking kit, nor an ATM card, nor the internet banking data.
  • Day laborer said he also feared a threat to his life from his foremen

Hyderabad: Telangana police investigating the app-based loan fraud have come across several shocking details. During the investigation, police officers found almost 1 Cr in the bank account of a day laborer in the capital Delhi.

This came to light after police began investigating the individual accounts of people linked to instant loan app scams.

A team of Telangana police officers visiting Delhi also examined the internal and external cash flow of suspects and found that the Rs 1 Cr account belonged to a day laborer, according to a Times of India report.

What was more frightening was that the owner of the daily wage account did not have a banking kit, debit card or internet banking data.

It was later revealed that the defendant had promised to bet 4,000 rupees per month on a daily basis.

“A bank account was opened with the details of the day laborer. For this he was promised 4,000 rupees. The account holder is unaware of the money in their account and that it has been misused. The man was afraid to tell us the names ”of the people who keep his bank account. He also fears that his life will be threatened by these people. This racket is well organized and needs thorough investigation, “said the report, which quoted a police officer on condition of anonymity.

According to the police, they recorded the daily bet settlement and found several such dubious accounts.

Police also recorded the Daily Bet testimony and found several such dubious accounts.

Police officers say one such loophole exposed the bank’s Know Your Customer (KYC) mechanism. Police officers said the same modus operandi was used by blackmailers in the online gambling racket.

According to police, payment gateways play a key role in helping scammers move large amounts of money. Police also believe some payment gateways failed to verify the nature of the deal while connecting with Chinese sponsored companies.


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