The sleuths of Cyber Crime PS, Cyberabad nabbed 6 members in connection with instant personal loan apps and loan apps operated are Cash Mama, Loan zone and Dhana Dhan and connected companies are 1) ONION CREDIT Private Ltd with Directors K. Sarath Chandra, K. Pushpalatha 2) CRED FOX Technologies Pvt Ltd with directors K Sharath Chandra, V Chaitanya.
In this case, Investigation was taken up. The investigation revealed that the said operations were conducted from a building near Ratnadeep Super Market, Bio-diversity Jn where one company is found in the name of Onion Credit Pvt Ltd, having its proprietorship on the name of K. Sharath Chandra, CEO R/o Hyderabad. The said building was raided & following persons were arrested:-
A1. Konataham Sharath Chandra, R/o. Kokapet Occp:CEO & Director of Onion Credit Pvt ltd & Cred fox technologies Pvt.ltd.
A2. Smt Pushpalatha, Director of Onion Credit Pvt ltd & Cred fox Technologies Pvt.ltd.
A3. B Vasava Chaitanya, Director of Cred fox technologies Pvt. Ltd.
A4. B.Venkatesh, R/o Chilkalguda, Secundrabad Occ: Collection agent
A5. Sachin Deshmukh. R/o Shilparamam, Hyderabad Occ: Collection agent.
A6. Syed Ashiq. R/o Street No:2, Gachibowli, Occp: Team leader.
They developed their own apps in their office located in Raidurgam limits for maintaining the database of the customers and placed them in Google play store for easy download and available to customers. Both the companies, i.e., Onion Credit and Credfox Technologies designed mobile Apps namely ‘Cash Mama’, ‘Loan Zone’, ‘Dhana Dhan Loan’, ‘Cash Up’, ‘Cash bus’, ‘Mera Loan’ and ‘Cash Zone’. They Sold 2 Apps i.e., ‘Cash bus’ and ‘Cash Up’ to Asia Inno Networks Pvt. Ltd., Delhi and 2 Apps i.e., ‘Mera loan’ and ‘Cash Zone’ to Blue shield Fintech Pvt. Ltd., Bangalore. They are operating three apps, out of these ‘Cash Mama App’ is linked to Onion Credit company and two other apps namely ‘Dhana Dhan Loan’ and ‘Loan Zone’ to Credfox Technologies. Both the companies have 1.5 lakh customers and about 70 thousand active customers at present.
“Dhana Dhan” application is not linked with any NBFC whereas “Cash Mama” and “Loan Zone” mobile applications have tie up with (9) NBFCs namely:
a.Superior Finlease Limited, New Delhi (Loan Zone)
b.Lord Krishna Financial Services, New Delhi (Cash Mama)
c.Usha Financial Services Pvt.Ltd., New Delhi (Cash Mama)
d.i2i Technologies (RNVP Technologies Pvt. Ltd.,), Gaziabad, New Delhi (Cash Mama)
e.Zavron Finance Pvt. Ltd., Nagpur (Cash Mama)
f.UMB Securities Limited, Bangalore (Loan Zone)
g.Fair Assets Technologies India Pvt. Ltd., (Faircent), New Delhi (Cash Mama)
h.Liqui Loans (NDX P2P Pvt.Ltd.,), Mumbai (Cash Mama)
i.KRAZYBEE Services Pvt. Ltd., Bangalore (Cash Mama) which are listed in RBI.
Advisory to general public:
-Don’t download any Insta Loan Apps from Play store or other source which are not having proper licences from Government authorities.
-Don’t give your personnel and bank credentials to anyone.
-Please go through the terms and conditions and verify the licences of the companies whoever offering loans, whether they obtained permission from the concerned authorities like RBI, District Collector.
-Don’t download any App who asks to give access to the contacts, files, Gallery.
