Leaving no trail of money

Staff salaries being paid through third party companies

The promoters of two private companies managing the operations and call centres of at least 30 instant loan apps from Hyderabad have designed a well thought-out plan not to leave any money trail.

Hyderabad Cyber Crime police probing the alleged fraud by these microfinancing companies told The Hindu that the Liofang Technologies Private Limited and Hotful Technologies Private Limited, entered into several third party agreements for payment of staff salaries, defraying operational costs and other incidental expenses in running their nefarious activities.

A policeman said prima facie it appears it is a scam wrapped in riddles and had an explosive impact on the financial systems of households and the working class.

There are around 600 employees in these three call centres, whose salaries were being paid by a third party company Focus Training Services, Madhapur, he said.

“These accused companies were paying money to Focus through UPI or in cash. The management will be questioned,” the officer said.

Further, he said that on Wednesday alone they registered three cases after they received nine complaints against the online loan apps.

A woman from Azampura told Cyber Crime police that they availed a loan from one such app, and repaid on time. As the payment was done before the deadline of seven days, the app company deposited ₹10,500 in her bank account without her consent. When she cleared that amount on time, the company again deposited ₹30,000. As there was no proper response from the call centre executive, she approached police and lodged a complaint.

Similarly, a coaching centre owner from Kavadiguda approached Cyber Crime police stating that money lenders were constantly harassing him as one of his friends failed to repay the loan.

“They found the coaching centre owner and contact numbers of other people in the defaulters contact list and kept calling them,” police said. Cyberabad Cyber Crime police also registered two more cases against instant loan app companies.

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