26 arrested for swindling and exploiting personal data via loan app 'Rapid Cash'

The Anti-Terrorism Unit (ATU) of the Bangladesh Police has arrested 26 people from the capital in connection with swindling a huge amount of money through an online loan-providing app named Rapid Cash by exploiting customers' personal information.

On Tuesday (16 May), the Cyber Crime Wing of the Anti-Terrorism Unit (ATU) arrested the fraudsters, including Mohiuddin Mahi, the director of the app's call centre, during a raid conducted at a residence in the Sonargaon Janapath Road in Sector 11 of Uttara, Dhaka.

However, the masterminds of this gang, two Chinese nationals, are still on the run. Several computers and laptops used in the fraud were seized in the drive, according to officials.

Recently, a victim lodged a complaint of being deceived by the gang at the Boalia Police Station in Rajshahi. Subsequently, the Anti-Terrorism Unit (ATU) initiated an investigation into the case, leading to the tracing of the gang.

Special Superintendent of Police (SP) Farhana Yasmin of the Cybercrime Wing of the ATU said at a press conference at its headquarters in Baridhara on Wednesday that Mohiuddin Mahi, who worked as the coordinator of the gang, studied at a university in China.

"He can speak Chinese well. They were also involved in cheating people in India and Pakistan as well," she said.

Farhana Yasmin revealed that once people download the app on their mobile phones to avail of loans, it illicitly captures their contact numbers, photos, videos, and other sensitive information.

She explained that the fraudsters would trap individuals by offering easy loans while imposing exorbitant interest rates. If anyone refused to comply, they would be threatened with the exposure of their personal information.

The same app operates under various names and provides loans ranging from Tk500 to Tk30,000. However, in return, they in some cases manage to collect an astonishing amount of Tk20 to Tk22 lakh, she said.

"The employees of the app receive monthly salaries ranging from Tk12,000 to Tk15,000," added the ATU official.

"Moreover, they are incentivised with bonuses for successfully collecting money from customers, allowing them to earn between Tk20,000 and Tk25,000. It is suspected that there may be additional call centres operated by this gang," Farhana Yasmin noted.

The gang employs social media advertising to attract people's attention towards their app. They collect funds from customers through mobile banking apps and utilise platforms like WhatsApp and Telegram for communication. After using a specific phone number, they promptly close it, and they even delete explicit photos sent to customers, the official further added.