Noida, India – In a major crackdown, police arrested 15 individuals from Noida Sector 2 for extorting ₹310 crore from thousands of victims across India through fraudulent loan apps. The accused were part of an international racket linked to China and Indonesia, according to police reports.
Fake Loan Apps and Extortion Scheme
The suspects operated from a commercial building, running a sophisticated operation involving two firms. The first, a non-banking financial company (NBFC), provided instant loans through mobile applications. The second firm, functioning as a call center, threatened borrowers into paying exorbitant amounts—several times more than the original loan and interest.
International Connections and Financial Channels
Investigations revealed that a significant portion of the extorted funds was transferred abroad via multiple channels. The NBFC involved in the scam was linked to another NBFC whose registration had been revoked by the Reserve Bank of India (RBI) last year.
The Bust: How Police Tracked the Gang
The gang came under police radar after a 25-year-old Gurugram resident reported extortion of ₹38,000, following a ₹10,000 loan taken through one of the apps. Acting on this complaint, police conducted a raid on Wednesday night, leading to the arrest of the 15 suspects. The accused have been identified as Harman Kumar, Anjaneya Chaudhary, Arun Kumar, Sachin, Bilal Khan, Mohammad Asif, Ujjwal Kumar, Salman Abbas, Suresh Kumar, Himanshi, Sunny Srivastava, Manmohan, Ripunjay Kumar, Anil, and Mahendra.
Key Players and Financial Operations
Police revealed that Harman Kumar and Sunny Srivastava were the masterminds, operating the call center and earning ₹1 lakh per month from foreign entities. Other employees earned between ₹20,000 and ₹25,000 per month. The duo paid ₹1 lakh per month to rent the commercial space used for their operations.
During the raid, police recovered 223 SIM cards, 15 mobile phones, and five laptops. The firm Dialback Private Limited, linked to NBFC Vaishali Securities Private Limited, was at the center of the fraudulent activities.
Loan App Operations and Victim Exploitation
The scam involved offering loans ranging from ₹5,000 to ₹60,000 for periods of seven to 21 days through 20 different apps. Victims were forced to repay nearly triple the borrowed amount. Dialback Private Limited had previously collaborated with PSPR Enterprises Private Limited, an NBFC whose registration was revoked by the RBI on February 9 of the previous year.
Legal Action and Further Investigations
Based on the Gurugram resident’s complaint, an FIR was lodged under sections 384 (extortion) and 420 (cheating) of the Indian Penal Code at the Cybercrime police station (east). Priyanshu Dewan, Assistant Commissioner of Police (Cybercrime), confirmed that more arrests are expected as the investigation continues.
Source: News Agencies
