Experts gathered to track Telangana loan app transactions

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₹ 21,000 crore involved in 1.40 cr. transactions

The investigation into the harassment of borrowers by app-based instant lending companies widened with Hyderabad police enlisting financial experts and data analysts to dump massive data about 1.40 crore loan transactions involving nearly 21,000 crore, outside of cryptocurrency.

Experts have been commissioned to follow the money trail and focus on the ultimate recipients.

Investigators, who were initially shocked at the sheer volume of money involved in the fraud, began to examine the leverage of these financial transactions of 1.40 crore, as most of them were heavily in debt. .

The financial gear is so huge that an entry resulted in a geometric progression of declining transactions, said Shikha Goel, Hyderabad Police Additional Commissioner (Crimes and SIT).

“We have on board financial experts and data analysts who can help us sort out the huge number,” she said, adding that they are using some financial software to decode the huge number.

She said it was too early to tell if these transactions were only for disbursement, loan repayment or if there were other reasons including traders or the flow of money.

Multiple circulation

“The volume of the amount provided by the Razorpay gateway for four companies may not match the small loans people have taken, there may be other multi-flows,” Ms. Goel said.

Now investigators need to investigate if multiple transactions were happening at the same time and if the same money was in motion.

“Each of these items is recorded as a different transaction. But, the actual amount involved in the fraud will come out once we remove the duplication and track the money, ”the officer said, adding that the amount could be more or less.

Transactions of 1.40 crore took place through payment gateways and bank accounts linked to the accused companies and a large number of international transactions also took place via bitcoin, Ms. Goel said, adding that the bulk of transactions had taken place within the past six months.

Officers are also looking to see if there have been any hawala transactions. At least five people have committed suicide in the state for online loan harassment.


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