Online loan fraud: Youth arrested for cheating nearly 60 people

Thrissur: In connection with a series of online frauds, the Thrissur City Police on Thursday arrested a youngster who posed as an employee of a private loan lending firm and cheated about sixty people by offering them instant personal loans. According to police, the 28-year-old Karthik alias Gulan, a native of Chirakkal in Thrissur, was arrested during the investigation of a case in which he swindled Rs 75,000 from a man from Chavakkad who was offered a personal loan over the phone. Police believe Karthik amassed nearly Rs 40 lakhs by swindling around 60 people.

How Karthik fixes his targets
Karthik targeted the people who approach private banks for interest-free personal loans to buy affordable mobile phones from big mobile phone shops. He committed the crime after collecting their details from the private bank staff at such stores. Impersonating himself as an employee of a private bank, he visited economically backward households and described about fixing personal loans without interest. After canvassing them, he made them sign the papers and obtained their mobile phone numbers.

Then he contacted the customer over the phone and informed them that the personal loan had been passed and an OTP had been sent to the phone. Later, Karthik informed them that the loan had been passed and the amount would be credited to the customer’s bank account within 15 days. Though he collected the bank account details of the customer, the fund approved by the firm was transferred to his own bank account. 

When the customers contacted Karthik after realizing that the amount was not credited to their bank accounts, he claimed that he has no responsibility for the loan. He also threatened them that he would file a police case if ever contacted. Later, original employees of the money lending firm approached the customers in person and initiated legal action against the individuals over defaulting the payment.

Mobile shops, private bank staff under scanner
Karthik has bought expensive mobile phones by using the money swindled from the people and sold the same mobile phones in the same shops with the help of the shop employees and private bank staff. Karthik also offered a hefty commission to these employees for the fraud. While Karthik gets the remaining amount as his booty, those shop and private bank employees would achieve their sales and loan targets to earn more incentives.

“Many complaints have been registered against the arrested accused in various stations of Thrissur district. However, we never expected this to be such a widely networked crime. He has purchased and sold mobile phones in a similar manner at various major shops in the state. A detailed investigation will begin soon to arrest all the people involved in the network,” said a senior officer from the Thrissur City Police. 

A team of police led by Chavakkad Inspector Vipin K Venugopal and Thrissur City Crime Squad members arrested the accused upon the instructions of Thrissur City Police Commissioner Ankit Asokan IPS. Sub inspectors NG Suvrithakumar and PM Rafi, assistant sub-inspector TV Jeevan, and senior civil police officers Hamd, Sarath and Ligesh were in the team from Crime Squad.