UP: B Sc student among two held for duping people by promising low-interest loans

Gorakhpur, Jul 14 (PTI) A second-year B Sc student and an ITI-qualified youth were arrested on Tuesday for allegedly operating a cyber fraud racket that duped people across the country under the pretext of providing loans at low interest rates, police said. The accused allegedly created and operated fake social media pages and loan application platforms. Victims were asked to pay registration, processing and insurance charges online. After they paid the amount, neither was the loan sanctioned nor the money refunded, police said. According to Kotwali Station House Officer Chhatrapal Singh, the accused have been identified as Manjeet Kumar (22), a B Sc second-year student, and Vijay Vishwakarma (23), who has completed training at an ITI (industrial training institute). Manjeet has been identified as mastermind behind the fraudulent scheme, while Vijay is said to be a key link in the operation -- arranging bank accounts in the names of relatives, friends and acquaintances in exchange for 10 per cent commission. Hundreds of such accounts were allegedly used to receive proceeds of cyber fraud before the money was withdrawn through ATMs and distributed among gang members. Several banks accounts have since been frozen over involvement in fraudulent transactions, police said, adding that several mobile phones, ATM cards, SIM cards, banking documents and cash has been recovered from the accused. PTI COR ABN ARB ARB