Fake Loan App Scam Busted: BSc Student and ITI Graduate Arrested in Cyber Fraud Case

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Uttar Pradesh Police have dismantled a cyber fraud operation that targeted individuals across multiple Indian states through deceptive loan application schemes.

The Arrests

Two suspects, identified as Manjeet Kumar, a 22-year-old second-year BSc student, and Vijay Vishwakarma, a 23-year-old ITI graduate, were apprehended in connection with the scheme.

Fraud Scheme Details

The investigation revealed that the pair allegedly exploited victims by offering low-interest loans through fabricated platforms, collecting upfront fees, and then ceasing communication without disbursing funds.

According to law enforcement, Manjeet Kumar was responsible for creating counterfeit social media profiles and fraudulent loan application websites. These platforms advertised rapid access to loans with appealing interest rates, luring individuals in financial distress.

Financial Operations

Vijay Vishwakarma allegedly managed the financial operations of the scheme. He coordinated the use of bank accounts under the names of relatives, friends, and acquaintances, earning a 10% commission for each account.

Investigation and Seizures

During the operation, police seized mobile devices, ATM cards, SIM cards, banking documents, and cash from the suspects. Forensic analysis of the recovered materials aims to quantify the scale of the fraud, identify additional victims, and determine the total amount of money stolen.

Authorities’ Advice

Authorities advise borrowers to verify the legitimacy of any loan application before sharing personal details or making payments. Loans should only be obtained through verified financial institutions or regulated digital lending platforms.

Ongoing Investigation

The investigation is ongoing, with efforts focused on identifying other members of the syndicate, individuals who provided bank accounts, and technical support contributors. Law enforcement is also tracing the financial networks used to launder proceeds and locating additional victims impacted by the scheme.