Loan App agent nabbed for fraudulent deal

ANANTHAPUR: In a significant breakthrough, the Kadapa Rural Police arrested a loan app agent, Lingutla Ranganadh of Tadipathri town on Monday for luring people with loan offers and threatening the customers.

YSR district SP Anburajan told the media that Bandi Saikumar Reddy of CK Dinne mandal, a victim, downloaded the mobile app on his android phone – to access its "rupees loan" and "rupees cash" in January last. By providing his phone number, Aadhar number and PAN card, he applied for a loan of Rs. 95,000. As per the company norms, the capital amount was instantly reduced and only Rs. 65,000 was credited into his account.

Reddy had paid EMI amounts 52 times, totaling Rs. 3,71,952 against his Rs. 65000 loan. Yet, he was receiving phone calls from the app agent, saying he still had a due of Rs. 99,000.

When he refused to pay more, he started receiving several threatening calls from various numbers. Some of the calls even threatened to defame his name by posting his photos, Aadhar card copies in the public domain and cause him shame.

The victim approached the CK Dinne police and registered a case on  April 19. Police teams, during the investigation took the UPI Id from which it was found the amount was paid by the victim. However, some commission agents got into the scene by taking a Rs. 10,000 cut for every Rs. 1,00,000 of the payment collected from the victims, which was being transferred to the main account holders.

Police teams found Ranganath resorted to such a modus operandi by offering to use his account as a bridge between the victim and the accused.