Digital microfinance: five people arrested in Dhaka for electronic loan fraud

Detectives ban gangs from lending money at high interest through mobile phone apps

Police have arrested five members of a fraud gang that illegally lends money at high interest rates using unauthorized apps.

Those arrested are Emanuel Edward Gomez, Arifuzzaman, Shahinur Alam alias Rajib, Shubh Gomez and Md Akram.

The police seized a car, nine mobile phones, nine SIM cards, four laptops and as many checkbooks from different banks in their possession.

AKM Additional Commissioner Hafeez Akhter said on a media call on Thursday that detectives arrested them in Dhanmondi, Banani and Mirpur areas of Dhaka on October 5-6.

They tricked their customers using unauthorized personal loans apps like Cashman, Tkala, Personal Loans Online, RapidCash- Quick Online eLoans App, AmarCash-Personal Loans Online, Cashkash-Fast Loans Online and CashCash.

In addition, those arrested operated financial institutions called Thunder Light Technology Limited, New Vision Fintech Limited and Basic Development Society without government approval.

The police chief also said the arrests were made following a case at Dhanmondi Police Station by a victim under the Digital Security Act (DSA).

The Cyber ​​Detective and the DB’s Special Crime Division are investigating the case, he added.

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