Rs 48 lakh recovered in loan app scam by Visakhapatnam Police

The Cybercrime wing of Visakhapatnam Police has successfully recovered Rs 48 lakh worth cryptocurrency in an instant loan app scam. The amount was returned to the rightful victims on 12 August 2025. Police Commissioner Shankhabrata Bagchi discussed the incident at a press conference held on the same day at the Commissionerate. He detailed that 295 similar cases had been registered at the station in the sat few days, of which 100 individuals fell victim to the scam and lost huge amounts of money. For instance, one victim took a loan of Rs 2,000, but paid as much as Rs 10 lakh, while one who applied for a loan of Rs 10 lakh had to repay Rs 21 lakh. Based on complaints by the victims, the police investigated the incidents and recovered the money in cryptocurrency, which was converted to Indian currency and redistributed to victims in cheques.

The Visakhapatnam Police Commissioner cautioned people against falling for such a loan app scam, and encouraged victims to report crimes immediately by calling 1930. He emphasized that any such incident must be reported immediately within the ‘Golden Hour,’ which is the first crucial hour after the occurrence of financial fraud, during which the chance of recovery is highest.

Job scams on the rise

Meanwhile, an increasingly pressing issue is the growing nature of job scams in the State. Inspector of Cybercrime Police Station, K Bhavani Prasad has warned unemployed youth in the State that several organised gangs are claiming to provide data entry and hospitality jobs abroad, which turn out to be fronts for cyber slavery rings abroad. Youth from Visakhapatnam and Vijayawada are targeted in this scam. Agents from Andhra living overseas would promise jobs to such youth in Thailand and other attractive destinations, promising perks like food accommodation, high pay, etc.

To be eligible, they demand victims to pay Rs 2 to 3 lakh for the opportunity. Once paid, the youth are flown and trafficked to locations like Laos and Cambodia, where they are abused and forced to continue the cycle of crime against more Indians. The police advise job seekers to be aware and verify the credentials and background of their employers before submitting applications.

Grievences about such crimes can be addressed at the toll-free number of Andhra Pradesh Cyber Crime Police Wing, 8331043255.

Stay tuned to Yo! Vizag website and Instagram for more city and news updates.