Bhubaneswar, May 6: Economic Offence Wing of Bhubaneswar, with the help of Ghaziabad Police, have arrested Proprietor of Firm IWT India Mohd Javed Saifi for running fake loan Apps.
EOW sources here on Friday said the accused was arrested on May 5 last and produced before the Court of CJM, Ghaziabad and is being brought to Bhubaneswar on the strength of 3 days transit remand for his production in the SDJM court, Bhubaneswar.
The IWT India was working/ used as a front / shell company to divert the money and its Proprietor Mohd Javed Saifi used to get a small commission for it. It was further ascertained that multiple crores of rupees have been transacted through the account of IWT India, and the account holder Mohd Javed Saifi could not explain for this huge transactions.
Earlier in this case, an amount of Rs 6.57 crore was frozen from four accounts of Mahagram Payments Pvt Ltd. All the partners/ accomplices involved in running such fake loan apps are under investigation.
EOW BBSR, had received a series of complaints from victims and Reserve Bank of India relating to illegal functioning of loan apps which are not registered as NBFC under Reserve Bank of India (RBI) Act.
The Economic Offences wing (EOW) Bhubaneswar took up investigation in respect of one such loan APP “KOKO”. This also has a sister/ related version called “JOJO” More than 1.5 lakh people have downloaded this APP including many from Odisha.
During investigation, it is ascertained that these fake loan apps once downloaded in one’s mobile Play store, small amounts ranging from Rs.3000-Rs.5000 are credited through link or through UPI to the customers Bank account. Once the amount is credited to the customer’s Bank account, within a week the customer is asked to repay the amount along with an excessive rate of interest. On refusal to pay the high rate of interest, the concerned customer is humiliated in many ways.
Obscene messages and indecent pictures along with abusive texts are sent to his whatsapp number and as well as to his contact list.
During further investigation, it was ascertained that the victims who had downloaded KOKO loan APP from the Play store were credited small amounts from one Mahagram Payments Private Ltd which is not registered with RBI as an NBFC.
The accused company through its recovery agents placed whatsapp and live calls to the victims humiliating/ abusing them with foul language to return the money with upto 5 times rate of interest within a week.
The accused company credited the amount but collected the refunded amount from the victims through one of its customer firms namely IWT India, Gurgaon.
All the said transactions were made using many layers to avoid/confuse the police/ law enforcement agencies.
The EOW had frozen an amount of Rs 6.57 crores in different accounts of the accused company. As this company/ App has used many complicated and technical layers/ routes in order to evade detection and confuse police, the EOW has taken the help of technical experts/ bank officials/ chartered accountant. Three special teams of EOW are working on this case in different states like Maharashtra, Bihar, UP and New Delhi.
