BENGALURU: The Central Crime Branch (CCB) police raided a financial firm allegedly run by Chinese nationals which gave loans to the public and later harassed them by charging exorbitant processing fees and interest rates. The accused allegedly insulted the borrowers by sharing their loan details with their friends.
Two persons working in the firm have been arrested and they are identified as Kamaraj More (25), an HR executive, and Darshan Chowhan (21), who worked as a team lead.
Police said they received credible information that bank accounts were being opened using credentials of those working in Licorice Technology Pvt Ltd located in Silver Spring Layout in Munekolala near Marathahalli.
"The office was raided on Wednesday and investigations revealed that Chinese nationals were running the firm, which had developed money lending mobile applications such as Cash Master and Krazy Rupees. The firm had entered into an agreement with Non-Banking Financial Companies and was lending money to people through the apps. They charged an exorbitant processing fee and once the loan was disbursed, the staff started making phone and internet calls to the borrowers, pestering them to pay the interest on a weekly basis. The interest was exorbitant too. If the borrower failed to pay the interest, their loan details were shared with their friends and insulted them," the police said.
The probe has revealed that the Chinese nationals collected the documents such as Aadhaar and PAN cards from the staff and had registered 5-6 companies in their names. "In total, 52 companies were registered and bank accounts were opened in private banks. The interest paid by borrowers was credited to those account numbers. As per the preliminary investigation, crores of rupees have been sent to China through online transfers from these accounts," the police added.
To draw investments to the bogus companies, the accused had allegedly targeted north Indians and had lured them with higher returns. "Even these investments were transferred to their bank accounts. While the two are arrested and 83 computers are seized, efforts are on to nab an absconding Chinese national," the police added.
A case is registered in the Marathahalli police station in this connection under the Karnataka Money Lenders Act, IT Act, Karnataka Prohibition of Charging Exorbitant Interest Act, the Banning of Unregulated Deposit Schemes Act, and the IPC.