Andhra Pradesh: Cyber Crime Police Bust Online Loan Fraud and Betting Racket

Visakhapatnam: The Visakhapatnam Cyber Crime Police have arrested a gang involved in an elaborate online loan fraud and illegal betting scheme that targeted unsuspecting victims through social media platforms. According to a press release, the criminal network operated by creating fake loan applications, primarily targeting individuals seeking personal loans.

The primary victim, S. Mohan Rao, was lured by an application called "Indian Bulls" and tricked into paying over Rs 3.42 lakh in various charges under the guise of loan processing. The fraudsters' sophisticated scheme involved transferring the stolen money to banned online betting applications operated from Dubai. They utilised a network of "mule accounts" and franchise holders to launder and withdraw the funds, with one key accused, Potti Shiva Panduranga Rao from Vijayawada, playing a crucial role in facilitating these transactions.

Police investigations revealed that the gang had processed transactions worth approximately Rs 20 crore, with the accused earning around `80 lakh in commissions over the past year. During the arrests, authorities seized nine mobile phones, two laptops, and `1 lakh in cash.