Police interact with RBI officials over loan application fraud

The Hyderabad, Cyberabad and Rachakonda Police Stations investigating alleged financial irregularities by instant loan application companies held a meeting on Friday with the task force appointed by the Reserve Bank of India to develop how to regulate the digital money lending space in the country.

They briefed RBI officials on the whole situation resulting from the exploitation of unscrupulous money lending apps and their predatory approach to public lending and loan collection.

Additionally, police suggested developing guidelines to streamline digital lending by licensed NBFCs using various platforms. “The public must be able to identify genuine and unauthorized money lending agencies and their lending process must be transparent and comply with all legal requirements,” they said.

Investigators also suggested that banks whose accounts are used for monetary transactions by these fraudulent money lending apps should have a strict KYC mechanism and also a periodic review of activities to alert law enforcement forces. order of any suspicious transaction. Cyberabad Police Commissioner VC Sajjanar, State Counterintelligence Chief Rajesh Kumar, Hyderabad Police Joint Commissioner (Detective) Avinash Mohanty and other senior officers attended the video conference.

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