Delhi Police have busted a gang of cheats involved in duping over 1,977 people across India to the tune of Rs 350 crore using a fraudulent loan app called ‘Cash Advance’.

The gang was dismantled by a group from Delhi Police's IFSO (Intelligence Fusion & Strategic Operations) Special Cell. So far, six people have been taken into custody on suspicion of cheating. Additionally, it is claimed that the gang members engaged in shady cryptocurrency exchanges. 

Deputy Commissioner of Police (DCP) IFSO, Prashant P Gautam said the accused have been identified as Mustajab Gulam Mohammed Naviwala (32) and Anisbhai Ashrafbhai Vinchhi (51), both natives of Gujarat, Ashok (36), Balwant (39) and Nitin (24), all residents of Delhi and Gokul Biswas (53), a native of West Bengal.

Police found 15 debit cards, one laptop, and seven mobile phones during the arrest. Nitin, who is 24 years old, is thought to be the racket's mastermind. He previously worked for a Chinese loan app company.

According to DCP Prashant P Gautam, Jai Goyal, a resident of Model Town in New Delhi, allegedly accused some criminals of engaging in extortion and blackmail under the guise of offering rapid loans using an app.

They discovered 102 complaints about the same software after searching the National Cybercrime Reporting Portal (NCRP).

 "After a preliminary inquiry, a case under relevant sections was lodged by the special cell, Delhi and an investigation has been taken up," the DCP said.    

Sub-inspector (SI) Sonam Joshi and her team combed through numerous bank accounts and discovered connections to businesses and proprietorships all over the nation, including in Delhi, Surat, Kerala, and Kolkata. However, it was impossible to find the directors of these businesses. The accused were tracked down with the aid of a thorough analysis, and police conducted numerous raids to find them.

The defendants have admitted during questioning that the gang offered short-term loans through a mobile app called Cash Advance. They would gain access to the victims' personal information through the installation of the application. After transferring the loan amount digitally, the app would exorbitantly raise interest rates. Even if someone was able to repay the loan, they would still be threatened with blackmail using explicit, morphed images.

The suspects allegedly formed fake companies and opened bank accounts using fraud, according to the police. According to information provided by the Delhi Police, the accused were discovered to have defrauded people out of 350 crore rupees, of which 83 crore rupees were given out as microloans.

Image Source: Republic World