Visakhapatnam: For the first time in Andhra Pradesh, Visakhapatnam Cyber Crime Police converted the crypto currency seized in the cybercrimes instant loan app cases into Indian currency and took steps to handover the recovered money to the victims of the loan apps.

Briefing the media here on Tuesday, City Police Commissioner Shankhabrata Bagchi informed that according to the cybercrime statistics in Visakhapatnam, 295 loan app victims have been identified, out of which about 100 people have lost money.

In the cybercrime instant loan app cases, the seized crypto currency was converted into Indian currency and Rs 48 lakh was handed over to the loan app victims through legal process for immediate help, the CP said. About 48 lakh rupees were deposited into the accounts of the loan app victims through legal process. Speaking on the occasion, the CP stated that cybercrimes are increasing each day and being cheated by the cyber criminals. He advised the people not to fall into the trap of cyber criminals by taking loans through unauthorised online loan apps.

Shankhabrata Bagchi warned that legal action will be taken against those who open bank accounts, supply bank accounts and current bank accounts without proper verification by any bank official, expecting commission given by the cyber criminals.