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



Hackers Utilize 14-Year-Old's Email and Rajkot NBFC Name to Launch Fake Loan App

In a shocking incident that highlights the growing menace of cybercrime, a 14-year-old schoolboy from Babra taluka in Amreli, Gujarat, unwittingly became the focal point of a fake loan app scam.

The app, known as CandyCash, wreaked havoc on unsuspecting victims, causing distress and financial hardship. Devendrasinh Gohil, the owner of Dealing Beneficial Financial Services Pvt Ltd, discovered the fraudulent scheme when he received a frantic call from a distressed woman pleading for mercy.

The woman, in tears, 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. Confused 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).

READ MORE: Biometric Cloning: 2 Hackers Arrested For Copying Fingerprints And Withdrawing Money Using Aadhar-Based Payment

Upon investigating the matter, Gohil found that the CandyCash app was registered under his company’s name on the Play Store. To lend credibility to the malicious scheme, the app even featured the addresses and details of Gohil’s legitimate branch offices in Ahmedabad, Rajkot, Vadodara, and Junagadh.

Realizing the urgency of the situation and the potential consequences, Gohil wasted no time and promptly sought assistance from the local police and the cyber cell of the Gujarat CID crime’s cyber forensics department.

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Working diligently, the CID team managed to trace 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.

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

In recent times, the Gujarat CID crime’s cyber forensics department has successfully identified and shut 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.

ALSO READ: Chinese Nationals Fuelling Fake Investment, Loan and Work From Home Apps In India?

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.

The incident serves as a stark reminder of the ever-evolving techniques employed by cybercriminals to exploit innocent individuals. Authorities continue to work tirelessly to identify and dismantle such fraudulent operations, urging the public to exercise caution and vigilance when dealing with unfamiliar online platforms.

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.

As the investigation progresses, law enforcement agencies and cybersecurity experts remain committed to bringing the culprits to justice and safeguarding innocent individuals from the perils of online scams.


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