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Odisha police arrests man from UP in fake loan App scam

Loan Scams

Odisha police arrests man from UP in fake loan App scam


The Economic Offence Wing (EOW) of Odisha police has arrested proprietor of IWT India from Ghaziabad, Uttar Pradesh for allegedly cheating people through a fake loan mobile app, the police said on Friday.

The accused identified as Mohd Javed Saifi was arrested on April 4 for his role in lending money at a high interest rate and harassing the defaulters through coercive methods.

The arrest was made on the basis of complaints filed by victims and Reserve Bank of India (RBI) relating to illegal functioning of loan apps which are not registered as non-banking financial companies (NBFC) under the RBI Act.

The EOW Bhubaneswar took up investigation in respect of one such loan app Koko and its sister version called Jojo. More than 1.5 lakh people, including many from Odisha, have downloaded the two fraud loan Apps.

The IWT India was working as a shell company to divert the money and its proprietor Saifi used to get a small commission for it, the police officials said.

The police found that crores of rupees had been transacted through the account of IWT India, and Saifi, the account holder, was not able to give satisfactory answers about the transactions, it said.

During investigation, the EOW found that the apps offered small loan amounts ranging from Rs 3,000 to Rs 5,000 to its customers through their bank accounts through UPI or a link.

After the money was credited to customers’ bank accounts, officials of the two…

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