The Economic Offences Wing of the Central Crime Branch police on Thursday uncovered another mobile loan app scam where senior directors allegedly used details of their employees to float another company. The accused floated a company naming some of their employees as directors and opened bank accounts in their names to launder money, said a police officer. This was done without their knowledge.
Two directors of the company and the manager have been booked so far.
The scam started to unravel when a marketing executive employed by the accused received an intimation from a bank about an account opened in her name. On closer look, she found records of financial transactions worth several lakhs made from that account. She approached the CCB who conducted a detailed probe.
According to the police, the accused – Shabbir Alam and Umakanth Yadav – are directors of a private firm offering online loans through apps. “When the marketing executive joined the firm in July 2021, they used her documents and other details to open accounts in two private banks without her knowledge. They also floated another company and registered her as director,” said a senior police officer.
The accused offered app users instant loans at exorbitant interest rates and threatened, intimidated and harassed people who failed to pay. “The bank accounts opened in the employee’s name were used to receive loan EMI and interest, which ran into lakhs of rupees,” said the police officer.
The police…
