Instant loan

Hyderabad Police File Indictment Against Instant Loan Applications | Hyderabad News

HYDERABAD: Six months after Hyderabad police filed criminal case against representatives of mobile apps offering high-interest loans – allegedly harassing defaulting debtors by defaming them – days ago , the police filed an indictment against the defendants, including those arrested. Chinese national Zhu Wei alias Lambo, in front of the Nampally Criminal Court.
Cybercrime detectives said the indictment was filed against 23 of the 31 defendants. From now on, except Lambo, all other defendants can get bail from the relevant criminal court.

This is a preliminary charge sheet filed by the investigative agency and an official said additional charge sheets will be filed after receiving the reports from the state forensic laboratory because several gadgets need to be analyzed.
During the investigation, officials found that loan application representatives defamed defaulters who failed to repay the loan amount within seven days. Officials said they found at least 211 applications that disbursed loans, which collections officials then harassed and defamed clients by sending bogus notices to all victims’ contact list members defaming victims. In total, six people in Telangana have died by suicide due to the humiliation of loan application representatives.
In this case, four Chinese nationals were declared accused, but only the arrested Lambo was charged. The others are believed to be living in China. Some of the money earned through loan applications would have reached Shanghai.
Other charges brought by the police include: the accused charged exorbitant interest and made significantly more money than the sanctioned loan.
Many people who needed a loan after the 2020 foreclosure have used these apps to get loans. The apps sanctioned the loan without asking for much proof, but charged high interest, causing people serious trouble.

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