Operation Hafta Vasooli: “loan application scam”! Transactions worth over 25,000 rupees under scanner, suspicion of money laundering
After reports of suicides for defaulting on their debt began to surface across the country, police took action and accelerated the investigation into the racketeering of online loan applications. Just yesterday, the Telangana High Court ordered the police to take strict action against these Chinese loan applications. The court argued that these apps have spread like a spider’s web.
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Shikha Goyal, additional police commissioner (crimes and SIT), Hyderabad, who is investigating these cases, said the issues could be related to more than just disbursing cheap loans. Shikha Goel says that so far transactions worth over Rs 25,000 crore have been brought forward.
In a phone conversation with Zee Business, she said that during the investigation some important transactions were noticed. It is suspected that these loan applications could also engage in money laundering racketeering, she said.
This not only encompasses activities related to online loan disbursement. But so far transactions worth Rs 25,000 crore have come under scrutiny and may be linked to money laundering.
The authorities are trying to trace the trail of the money. Those arrested in a “fraudulent loan case” are also linked to an old investment scam, Hyderabad Police Commissioner Addl said.
âMost of these businesses were started between Q2 2019 and Q1 2020. Of course, most of the loans were taken out to them during the Covid 91 pandemic. The public was doing everything online during the pandemic period. So when you get a one-click loan, you don’t get the best control whether the loan is granted by a registered NBFC or not. These were people who had lost their jobs or had limited sources of income or were getting pay cuts on their wages. They couldn’t verify the source because of their urgent needs and easy access to the loan, âGoel said when asked about the initial investigation into instant loan disbursement applications.
These companies and call centers were created with the help of the local network. The police had not yet traced the source of the funding and are following the trail of the money.