BHUBANESWAR: The EOW of Crime Branch arrested a person in connection with fake loan apps case. The accused Mohammed Javed Saifi, proprietor of IWT India, was held from Ghaziabad in Uttar Pradesh. Loan amounts availed through fake loan apps Koko and Jojo were transferred to the bank accounts of the customers by Mahagram Payments.
Mahagram is not registered with RBI as NBFC and it had engaged a Gurgaon-based firm, IWT India, to forcibly recollect money with a high rate of interest from the customers. IWT’s proprietor Javed Saifi was receiving commission for collecting money illegally from the customers.
In another development, EOW arrested director of Ponzi firm Purple Qualves Financial Services Private Limited, Pallavi Hota, for allegedly cheating at least 43 investors to the tune of Rs 7 crore. The accused had promised higher returns to the customers on the pretext of investing their amount in the share market.