CYBER CRIMEHackers Utilize 14-Year-Old’s Email and Rajkot NBFC Name to Launch Fake Loan App


 In a shocking incident that sheds light on the growing threat of cybercrime, a 14-year-old schoolboy from Babra taluka in Amreli, Gujarat, inadvertently became the center of a fake loan app scam. The app, known as CandyCash, wreaked havoc on unsuspecting victims, causing distress and financial hardship. This blog delves into the details of this alarming incident, how it unfolded, and the efforts taken by authorities to combat cybercriminal activities.

The Distressing Discovery:

Devendrasinh Gohil, the owner of Dealing Beneficial Financial Services Pvt Ltd, stumbled upon the fraudulent scheme when he received a frantic call from a distressed woman, pleading for mercy. Tearfully, she explained that she had borrowed a small sum of money from CandyCash but was unable to repay the exorbitant interest imposed on her. She expressed her desperation, stating that she would take her own life if the harassment persisted.

Also Read: Kashmiri Brother-in-Law could not show Kamal, and pressure on Nagpur police failed

Perplexed and concerned, Gohil reassured her that he did not own any mobile app but rather operated an offline finance firm approved by the Reserve Bank of India (RBI). Realizing the gravity of the situation and the potential consequences, Gohil swiftly sought assistance from the local police and the cyber cell of the Gujarat CID crime's cyber forensics department.

Unraveling the Cyber Web:

Working diligently, the CID team traced the mobile number and Gmail account associated with the CandyCash app. Shockingly, they discovered that both belonged to the innocent schoolboy, who had no knowledge of the scam. It became apparent that he had been unknowingly thrust into the epicenter of a malicious operation.

Further investigations by the CID team revealed that the hacker behind the fake loan app had utilized a virtual private network (VPN) to launch the app from a server located in Bengaluru. The CandyCash app shared striking similarities with other deceptive loan apps originating from China, suggesting a pattern in cybercriminal activity.

Rising Menace of Cybercrime:

In recent times, the Gujarat CID crime's cyber forensics department has been successful in identifying and shutting down 425 fraudulent loan apps. These apps, originating from servers in Southeast Asian countries, were rented out to cybercriminals in India to carry out their illicit activities. The CandyCash app alone garnered over 100,000 views on the Play Store, attracting numerous unsuspecting victims who availed themselves of microloans ranging from Rs 3,000 to Rs 5,000. The scammers, however, demanded repayment amounts of 3.5 times the loaned sum, exacerbating the financial burden on their victims.

A Wake-Up Call for Vigilance:

This incident serves as a stark reminder of the ever-evolving techniques employed by cybercriminals to exploit innocent individuals. Law enforcement agencies and cybersecurity experts continue to work tirelessly to identify and dismantle such fraudulent operations. They also urge the public to exercise caution and vigilance when dealing with unfamiliar online platforms.

Also Read: Cybercrime in Nagpur - Cyber Blackmailer Couple Arrested in Pune for Extorting Money

Devendrasinh Gohil, although relieved to have discovered the truth behind the scam, expressed deep concern for the victims who fell prey to the CandyCash app. "If anybody committed suicide because of the harassment, then I would not have been able to forgive myself for it," he stated, highlighting the devastating impact of such scams on people's lives.

Conclusion:

The CandyCash app scam is a grim reminder of the menace of cybercrime that lurks in the digital realm. Innocent individuals, like the 14-year-old schoolboy, can unknowingly become victims of these deceptive schemes. As the investigation unfolds, law enforcement agencies and cybersecurity experts remain steadfast in their pursuit of the culprits and in their mission to protect innocent individuals from the perils of online scams. It is crucial for everyone to stay informed, exercise caution, and report any suspicious activities to help create a safer digital environment for all.

Source: https://www.the420.in/hackers-utilize-14-year-olds-email-and-rajkot-nbfc-name-to-launch-fake-loan-app/

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