274 fake loan apps under Police & RBI’s scrutiny

According to a top official, the RBI is investigating 274 fake loan applications. Regulatory bodies and law enforcement agencies have received numerous complaints against fraudulent operators, most of whom are situated outside India.

Loan collection agencies have sunk to such lows that they publicly shame individuals by sending disrespectful 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, co-workers, and all other personal contacts received offensive texts and manipulated photographs.

Triveni Singh, SP, UP Cyber Crime, said, “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.”

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. Following a flood of complaints and several reported fatalities as a consequence of the harassment, Google cracked down on such apps and removed them from the Play store.