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Digital Microfinance: Five arrested in Dhaka over e-loan frauds

  • Published at 07:06 pm October 7th, 2021
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Detectives bust gang lending money at high interest through mobile phone apps

Police have arrested five members of a fraud gang that lends money illegally at high-interest rates using unauthorized apps.

The arrestees are Emanuel Edward Gomez, Arifuzzaman, Shahinur Alam alias Rajib, Shubh Gomez and Md Akram.

Police seized a car, nine mobile phones, nine SIM cards, four laptops and as many cheque books of different banks from their possession.

Additional Commissioner AKM Hafeez Akhter told a media call on Thursday detectives arrested them from Dhanmondi, Banani and Mirpur areas of Dhaka on October 5 and 6.

They cheated their clients by using personal unauthorized loan apps like Cashman, Tkala, Personal Loans Online, RapidCash- Quick Online eLoans App, AmarCash-Personal Loans Online, Cashkash-Fast Loans Online and  CashCash.

Besides, the arrestees operated financial institutions called Thunder Light Technology Limited, New Vision Fintech Limited and Basic Development Society without government approval.

The police chief also said the arrests were made following a case file at Dhanmondi police station by a victim under the Digital Security Act (DSA).

The Detective Cyber and the Special Crime Division of DB are investigating the case, he added.