In a major breakthrough, the police have arrested three individuals—Manoj Rathore, Punit Kumar, and Ashish Kakkar—in connection with a fraudulent instant loan application scam that targeted unsuspecting victims. The accused were apprehended in Delhi on December 29-30 and later produced before a court in Chandigarh, where they were granted a three-day police remand.
The case, which dates back to September 3, 2022, revolves around the operation of fake loan applications such as Hugo Loan, Coin Cash, and AA Loan. The perpetrators, using these apps, gained access to sensitive personal data of their victims, including contacts and photos from galleries. They then blackmailed the victims by morphing images of their family members and threatening to circulate them unless ransom payments were made.
The investigation revealed that the accused operated through shell companies, which were set up using forged documents and KYC credentials. Punit Kumar and Ashish Kakkar played significant roles in facilitating the operations. Manoj Rathore, who was identified as the driver of Punit Kumar, further helped in the illegal activities.
The money extorted from the victims was funneled through these shell companies, eventually ending up in the hands of Kumar and Kakkar. Police have managed to recover ₹17 lakh and several digital devices from the arrested individuals.
The probe, led by the superintendent of police (cyber), has uncovered that the criminals used virtual numbers and various social media platforms, including WeChat, Dingtalk, and GB WhatsApp, to harass victims and demand money. In connection with the scam, 29 people, including tele-callers, account holders, and facilitators, have already been arrested.
The police are also investigating the possible involvement of a Chinese national in the scam, with the potential violations of the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA) being explored.
