Loan frauds saw a spike in 2021 | Hyderabad News
“Taking advantage of the financial woes of individuals affected by the lockdown and pandemic, several instant loan applications have surfaced which offer a loan at an exorbitant interest rate. The application would then access the contacts of the borrowers’ phone and soon begin to abuse them and demand they pay dues at abnormal interest rates,” Assistant commissioner of Rachakonda cybercrime police S Harinath said.
Police made several Chinese nationals, residing either in China or other countries, accused in instant loan app harassment cases. Cops have frozen their bank accounts carrying an amount of Rs 40 crore from 24 mobile apps.
Overall, cybercrime within Rachakonda commissionerate saw a 134% increase this year compared to 2020. Of 1,173 cybercrimes reported, 159 are related to social media harassment, 87 phishing cases, 60 OLX frauds, 43 job/visa frauds and 732 insurance scams. This year, 116 foreign or interstate accused were arrested. About Rs 3.8 crore was frozen in bank accounts and Rs 2.2 crore refunded to victims.