The companies did not have proper approvalsCCB officials, on Monday, arrested three persons who are allegedly part of a loan app racket run by Chinese companies. The accused ran the business using Chinese mobile apps. Based on a complaint filed by three customers, the CCB filed separate cases and raided Ace Pearl Service Private Limited, situated in Koramangala, and arrested the accused. The police also raided Higeki Service Private Limited, Exceed Will Service Private Limited, Mascot Star Service Private Limited and Aqua Steller Private Limited, which were operating mobile loan app services. The racket came to light following a complaint filed by a woman stating that she had availed a loan using one of the apps and was later harassed despite repaying the loan amount.

Source: The Hindu December 29, 2020 00:13 UTC