Vizag Cyber Crime arrest Hyderabad man in loan app fraud of ₹100 crores

The Vizag Cyber Crime cell has arrested a man originating from Hyderabad in connection with a loan app fraud involving nearly ₹100 crores. The scam came to light after a woman from Vizag lodged a complaint of harassment.

Identified as R Jayasimha Reddy, the accused, according to the police, had connections with Chinese and Hong Kong-based gangs. Reddy has been accused of being involved in transactions worth 100 crores through a fake loan firm. The police have seized ₹1.15 crores from Reddy’s account.

A woman from Vizag who had taken a loan of ₹5,000 from the app was allegedly harassed by Reddy to repay within three days. The woman (unnamed) complained to Vizag Cyber Crime that she was being harassed to pay ₹12,000 (more than she borrowed) ahead of the said deadline. She also alleged that Reddy threatened to circulate morphed pictures of her and her family even after she made the payment. By downloading the app from Google Play Store, she had given access to her contact list, and her gallery said the police. The complaint was lodged back in May.

The Vizag Cyber Crime cell tracked down the account from which ₹5,000 was credited to the woman’s account. The accused’s bank account linked to the Vizag loan app fraud was attached to a Canara Bank account in Hyderabad. According to the KYC details, it was ascertained that it was a firm account. The police tracked down Reddy and took him in for interrogation. Reddy confessed to his fraud and was taken into custody.

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