International loan app scam that defrauded several to the tune of over Rs 300 crore busted: Cyber police

Officials of the Mumbai Crime Branch’s Cyber police have busted an “international loan app fraud” as part of which a gang of at least 14 persons, arrested in June and July, duped several Indians to the tune of Rs 300 to Rs 350 crore, police said. At least six of the accused were using cryptocurrency which, they suspect, was used to siphon off money to the “masterminds sitting abroad”, they added.

Since last year, thousands of people across India have fallen prey to loan apps operating illegally, prompting the Reserve Bank of India (RBI) to initiate the process of creating new guidelines to deal with the menace.