₹5.3 Crore Loan Racket Busted: Is Your App Safe?
Police busted a fake loan racket involving ₹5.3 crore in transactions and arrested two people. If you use unknown loan apps or share your documents with unverified lenders, you could be their next target.
₹5.3 crore is roughly what 1,750 salaried Indians save in a full year — all siphoned by 2 fraudsters.
This is how much a fake loan racket moved before police busted it
Key Takeaways
Verify any lender on RBI's official authorised entity list at rbi.org.in before sharing Aadhaar, PAN, or bank details.
Report fake loan apps or agents immediately on Sachet (sachet.rbi.org.in) or the National Cyber Crime portal at cybercrime.gov.in.
Never pay any upfront 'processing fee' or 'insurance charge' before receiving a loan — RBI-regulated lenders deduct fees from the disbursed amount, never before.
Police busted a fake loan racket involving ₹5.3 crore in transactions and arrested two people. If you use unknown loan apps or share your documents with unverified lenders, you could be their next target.
Here's what happened: Police busted a fraudulent loan operation with ₹5.3 crore in traced transactions and arrested two individuals running the racket.. The racket likely operated through fake loan agents or unregistered apps, collecting borrower documents and money under the guise of loan processing.. Such operations typically target desperate borrowers needing quick cash, charging illegal fees upfront or extorting victims after collecting personal data..
What you should do: Verify any lender on RBI's official authorised entity list at rbi.org.in before sharing Aadhaar, PAN, or bank details.. Report fake loan apps or agents immediately on Sachet (sachet.rbi.org.in) or the National Cyber Crime portal at cybercrime.gov.in.. Never pay any upfront 'processing fee' or 'insurance charge' before receiving a loan — RBI-regulated lenders deduct fees from the disbursed amount, never before..
Pro tip: Real RBI-regulated digital lenders must display their lending partner's name in the app and loan agreement — if you can't find a registered NBFC or bank name, close the app immediately.
Draft a Free RBI Complaint
Loan Kavach walks you through the RBI CMS process. No lawyer, no fee. Escalate to the RB-IOS Ombudsman if unresolved in 30 days.
Get Loan Kavach — Free →References
- [1]“Loan racket with Rs 5.3 cr transactions busted, two arrested - MillenniumPost” MillenniumPost · 3 Oct 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.
Every story here posts to X the moment it breaks. Follow @gocredit_news →