Hyderabad: Cyber crime police have arrested a software engineer in Karnataka in a financial fraud case.
Chinnabba Rajasekhar is the director of nine Chinese companies under the name F668 Technologies in the Manipal centre.
He was moved out of Bangalore after his arrest and sent to a jail in Hyderabad.
Online loan applications like Snapit, OK Cash, Cashbee, Rupee Factory, Bubble loan, Go cash have been under the surveillance of Cybercrime police.
Police have frozen Rs 300 crores in the bank accounts of Chinese companies operating mobile applications. Inspector Gangadhar examined their addresses and financial transactions. It was also found that Lyambo and K Nagaraju are known to have set up these applications. While the police investigated further, it was learned that there were nine companies in Bangalore.
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Hailing from Pachigunta village in Chittoor district, Rajasekhar came to Bangalore for a job after completing B Tech six years ago and started working at F668 Technologies.
Nagaraju then told Rajasekhar that he would earn millions of rupees by lending and collecting through apps. Rajasekhar accepted the offer and became the director of nine companies.
Joint Commissioner (Criminal Investigation) Avinash Mahanti said that so far 21 people have been arrested and Rs 300 crore have been seized in loan app cases.
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Jennifer, a Chinese national, has set up four companies in Delhi with the aim of securing Rs 1,000 crore in unsecured loans. In addition, she set up call centres in Bangalore, Hyderabad and Delhi and left for Jakarta in February last year, handing over the responsibility of management to Nagraju and Lyambo.
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