In a recent breakthrough, Mumbai Police uncovered a widespread racket involving
cybercriminals who developed fraudulent mobile apps masquerading as Prime
Minister Loan schemes. Thousands of unsuspecting individuals across the country
fell victim to this elaborate scam, lured by the promise of loans with exceptionally
low-interest rates.
The scam revolved around the creation of unauthorized mobile applications that deceitfully mimicked government-backed service providers offering loans under Prime Minister schemes. The criminals exploited the trust associated with such initiatives, leading to a large-scale financial deception.The city’s cybercrime police station has arrested four men for carrying out online fraud worth ₹4 crore and duping more than 250,000 people from across the country. The police probe found that Sawle’s mobile number had been used by the accused on five fake mobile apps — named Pradhan Mantri Yojana Loan, PM Loan Yojana,
PMYL Loan and Sarvottam Finance Loan Service — which promised loans with low
rates of interest. Accused Sanjeev Kumar Singh, 36, was arrested on February 15 in
Aligarh, Uttar Pradesh while Pranjul Rathore, 27; Ramnivas Kumawat, 25; and Vivek
Sharma, 42, were arrested in Jaipur on February 18. The arrested accused have
been booked under relevant sections of the Indian Penal Code (IPC) and the
Information Technology (IT) Act.
Police have seized 18 mobile phones, 10 hard discs, three routers and a pen drive
from the gang’s offices in Aligarh and Jaipur. “The fraudsters had featured a
photograph of Prime Minister Narendra Modi and the national emblem on the app
and as a result, over 279,000 people registered for loans, and many paid the
processing fees,” said Dr Rashmi Karandikar, deputy commissioner of police (cyber).
Key Findings:
Proliferation of Fake Loan Apps: Cybercriminals devised a series of
unauthorized mobile applications, including names such as Pradhan Mantri
Yojna Loan, PM Loan Yojna, PMYL Loan, and Sarvottam Finance Loan
Service. These apps were designed to mimic legitimate government
initiatives.
Deceptive Loan Promises: The fraudulent apps enticed victims with
promises of loans featuring exceptionally low-interest rates. Exploiting the
appeal of government-backed schemes, individuals were led to believe they
were availing genuine financial assistance.
Lack of Authentication: Thousands of people, attracted by the seemingly
authentic appearance of the apps and the allure of favourable credit terms,
failed to verify the authenticity of the service providers. The absence of due
diligence played a pivotal role in the success of the scam.
Financial Exploitation: Once individuals downloaded the fake apps, they
became susceptible to financial exploitation. The criminals manipulated
victims into paying processing fees and charges under the guise of facilitating
the loan application process.
Implications:
Urgent Need for Awareness: The revelation underscores the urgent need for
widespread awareness campaigns to educate individuals about verifying the
authenticity of mobile apps, especially those related to financial services.
Enhanced App Security Measures: Authorities and app stores should
bolster security measures to detect and remove unauthorized applications,
preventing the proliferation of fake schemes that exploit unsuspecting users.
Stricter Regulatory Oversight: Regulatory bodies should consider
implementing stricter oversight and control mechanisms to curb the creation
and dissemination of fraudulent apps impersonating government initiatives.
Conclusion:
The Mumbai Police's successful intervention in busting a racket involving fake loan
apps posing as Prime Minister schemes highlights the vulnerability of individuals to
sophisticated cybercrimes. It emphasizes the necessity for a collective effort from law
enforcement, regulatory bodies, and the public to thwart such scams and safeguard
the financial well-being of citizens.
Sample Case 4: Computer Weekly reported that their investigation revealed
schools, smalls businesses and charities received threatening demands for
hundreds and thousands of pounds for using the apparently free Flickr photographs
from the internet unintentionally. A German photographer Marco Verch put thousands
of apparently free-to-use images on the internet and people started using it without
being aware that they were actually falling prey to a copyright scam.
Modus Operandi:
1. A photographer publishes tens of thousands of copyright images on the internet
belonging to Flickr.
2. Common users download them without even realising that they violate any license
agreements.
3. The photographer uses his software and third-party enforcement services to
identify people who apparently have violated the copyright rules.
4. The people who downloaded those images unknowingly become a target of fines
and legal penalties.
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