Visakhapatnam Cyber Crime Police Recover Funds from Loan App Scam
The Visakhapatnam Cyber Crime Police have recovered cryptocurrency from a loan app scam and converted it into Indian currency. The funds have been transferred to victims, providing financial relief.
Commissioner of Police Sankhabrata Bagchi said 317 victims of loan app fraud have been identified. About 100 of them lost large sums to unauthorized instant loan apps, which promised quick loans but trapped users with hidden fees and high-interest charges. “These victims were targeted through illegal loan apps designed to exploit users,” Dr. Bagchi said.
Rs 48,59,072.40 has been credited to affected victims. In addition, Rs 7,20,647 has been transferred to 26 more victims during ongoing investigations. The funds were recovered from seized cryptocurrency and converted into Indian currency through legal procedures.
Despite awareness campaigns, cyber-crimes continue to rise in the city. Many people still fall prey to online scams. Dr. Bagchi said the Cyber Crime Police focus on recovering funds and identifying networks and intermediaries behind these frauds.
The police warned the public against using unauthorized online loan apps. Legal action will target anyone who provides bank accounts or opens accounts without proper verification in exchange for commissions from cybercriminals.
Citizens can report cyber-crimes through the Cyber Crime Reporting Portal at www.cybercrime.gov.in , via toll-free number 1930, or by contacting the Commissioner at 7995095799. Dr. Bagchi said victims who report during the “Golden Hour” may recover lost funds, while delays could allow stolen money to move abroad as cryptocurrency, making recovery difficult.
Dr. Bagchi urged the public to stay vigilant while using online financial services. “The police will work with banks, financial institutions, and cyber security experts to prevent fraud and take swift action against cyber criminals,” he added.
Visakhapatnam Cyber Crime Police recover funds from loan app scam, credit victims, and warn against unauthorized apps.