Digital microfinance: Five arrested in Dhaka for e-loan fraud
Detectives crack gangs who lend money at high interest rates through mobile phone apps
The police have arrested five members of a fraud gang that illegally lends money at high interest rates using unauthorized apps.
Those arrested are Emanuel Edward Gomez, Arifuzzaman, Shahinur Alam aka Rajib, Shubh Gomez and Md Akram.
The police confiscated a car, nine cell phones, nine SIM cards, four laptops and as many checkbooks from various banks from their possessions.
Additional commissioner AKM Hafeez Akhter told a media call on Thursday that detectives arrested them on October 5th and 6th from the Dhanmondi, Banani and Mirpur areas of Dhaka.
They cheated on their customers 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.
Those arrested also ran financial institutions called Thunder Light Technology Limited, New Vision Fintech Limited, and Basic Development Society without government authorization.
The police chief also said the arrests were made according to a case file at Dhanmondi Police Station of a victim under the Digital Security Act (DSA).
The Detective Cyber and Special Crime Division of DB are investigating the case, he added.