LUCKNOW: If you are in desperate need of cash and are seeking a quick loan. Don’t rely on advertisements for instant loans that you see on social media or the internet. Law enforcement agencies have warned that cyber thieves have distributed hundreds of fake loan apps.
According to a top official, the RBI is investigating 274 fake loan applications. Many people are becoming victims of cyber fraud, and regulatory bodies and law enforcement agencies have received numerous complaints against such fraudulent operators, most of whom are situated outside India. They are operating in India through local agents.
Officials claim that while your mobile lending apps may promise you quick cash if you default even once, the system will scream at you in its ugly face. Loan collection agencies have sunk to such lows that they publicly shame individuals by sending derogatory messages to their friends in both their personal and professional lives.
In many instances, it was discovered that one of the milder insulting names used in texts sent to every connection of the borrower is “rapist.” Family, friends, coworkers, and all other personal contacts received offensive texts and manipulated photographs.
“We are currently checking these service providers after receiving numerous complaints against them. Abuse, morphing, and threatening behaviour are crimes that will be punished harshly. These apps cannot illegally acquire data and endanger their clients’ contacts. During our initial inquiry, we discovered 274 similar fake quick loan apps and took action against them,” said Triveni Singh, SP, UP Cyber Crime.
According to officials, harassment by debt recovery agents engaged by these rapid lending applications has even resulted in suicides, as the agents slander the loanees in order to recover the loan. Recovery agents have been extorting money from loanees in their most recent attempt to retrieve money from them by changing the loan defaulters’ photographers.
Officials have also discovered that these apps are being used outside of the country, particularly in China. These apps are controlled by Indian agents who receive large commissions.
Since 2021, when the COVID-19 pandemic was at its peak, non-registered Chinese loan apps have been under examination in India.
They had specifically targeted young people who had lost their employment due to the lockdowns.
People in severe need of money will take advantage of it because it offers quick approval with no paperwork or other typical difficulties.
Following a flood of complaints, mostly from Telangana, and several reported fatalities as a consequence of the harassment, Google cracked down on such apps and removed them from the Play store.
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