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Shell company proprietor held from Ghaziabad in fake loan App scam

Loan Scams

Shell company proprietor held from Ghaziabad in fake loan App scam

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The proprietor of a dubious company, which deceived the people by a fake loan App, has been arrested by the Economic Offence Wing (EOW) of Odisha police, three days after the freezing of Rs 6.57 crores of its bank deposits.

“EOW Bhubaneswar assisted by Ghaziabad police of Uttar Pradesh arrested the proprietor of Firm IWT India Mohammad Javed Saifi. The arrested accused was produced before the Chief Judicial Magistrate court in Ghaziabad and is being brought to Bhubaneswar on the strength of 3 days transit remand for his production in the Sub Divisional Judicial Magistrate Court in Bhubaneswar”, EOW said in a statement on Friday.

Earlier, an amount of Rs 6.57 Crore was frozen from four accounts of Mahagram Payments Private Limited. Investigation of the case is continuing. The roles of other Partners/ accomplices involved in running such fake loan apps are under investigation, the statement added.

IWT India operated as a shell company to divert the money. Its proprietor Saifi used to get a small commission for it. It was further ascertained that several crores of rupees have been transacted through the account of IWT India. The account holder Mohd Javed Saifi could not explain this huge transaction, it stated.

As the fake company through its App used many complicated and technical layers and routes to evade detection and disorient police, we are taking help of technical experts, bank officials, chartered accountant to delve deep into the case. Three special…

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