Visakhapatnam Cybercrime Police arrest two in loan app fraud

In a recent development, the Visakhapatnam Cybercrime Police arrested two individuals for their alleged involvement in a loan app fraud that targeted students. The suspects have been identified as Ch Subbarama Reddy, residing in Kalyanadurg, Anantapur district, and Dilip Kumar Patro, a 31-year-old resident of Bhadrak, Odisha.

The arrests followed an incident in which a person from Kancharapalem was victimised by 22 unauthorised loan applications. Shockingly, the organisers of these rogue apps resorted to manipulating the victim’s photographs, deceiving not only the victim but also their family and friends. Tragically, the mental torment drove the young individual to take their own life. A case was swiftly registered by the police in response to a complaint from the victim’s father.

Visakhapatnam City Police Commissioner CM Thrivikrama Varma addressed the media in a press conference, highlighting key developments in the loan app fraud case. A specialised team of cybercrime police meticulously examined the victim’s mobile phone data, revealing a trail of embezzled funds. Investigations showed that a significant portion of the ill-gotten money had been channelled into accounts belonging to Subbarama Reddy and Dilip from Odisha.

Further scrutiny revealed that Subbarama Reddy and Dilip had been lured by miscreants via social media platforms, promising commissions in return for granting access to their bank accounts. Subbarama Reddy allowed access to 15 bank accounts, resulting in transactions totalling approximately ten crores, for which he received a commission of around 16 lakhs. Similarly, Dilip profited to the tune of approximately Rs 1.8 lakhs.

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