ED raid on loan apps reveals strong Chinese presence in crypto crimes
2 years, 3 months ago

ED raid on loan apps reveals strong Chinese presence in crypto crimes

The Hindu  

Published : Aug 26, 2022 16:45 IST The Enforcement Directorate, still preoccupied with unearthing corruption and money laundering among opposition politicians, has decided to turn its attention to those involved in the crypto business in the country as well. Entities engaged in predatory lending deposited funds in the rupee wallets of Yellow Tune, which were then converted into cryptocurrency tokens and transferred to crypto wallets outside the country. The ED’s raid revealed that through transactions in Flipvolt, a crypto exchange that is the Indian arm of a Singaporean lending startup called Vauld, Yellow Tune had transferred overseas at least Rs.370 crore that had been deposited into its rupee wallets by as many as 23 entities engaged in predatory lending. The ED said: “Lax KYC norms, loose regulatory control of allowing transfers to foreign wallets without asking any reason/declaration/KYC, non-recording of transactions on blockchains to save costs, etc., has ensured that Flipvolt is not able to give any account for the missing crypto assets.” Given the failure to prevent the original predatory actions that constitute the crime, and to bring to book the loan app operators who are the principal perpetrators of the crime, the subsidiary role of the crypto exchanges became the focus of attention and action against them followed. In fact, in the more high-profile instance of an ED raid on the WazirX crypto exchange, only Rs.64.67 crore of bank assets could be frozen, whereas the show cause notice issued to the company under the Foreign Exchange Management Act questions it “for allowing outward remittance of crypto assets worth Rs.2,790 crore to unknown wallets”.

Cryptocurrency Crypto Indian Digital Loan Apps Chinese Rbi Raid Binance Ist Lending Exchange Kyc Entities Predatory Lending Wallets Loan Apps Ed Raid Yellow Tune Flipvolt Online Lending Huge Sums Zanmai Labs Ed Wazirx  crimes  wallets  entities  strong  exchange  raid  chinese  ed  wazirx  digital  binance  reveals  cryptocurrency  lending  loan  crypto  presence  apps

History of this topic

Govt proposes new legislation to curb proliferation of illegal lending apps
4 days, 17 hours ago

Govt proposes new legislation to curb proliferation of illegal lending apps

New Indian Express  

NEW DELHI: The government is planning a comprehensive legislature to curb the proliferation of illegal lending apps. The department of financial services, Ministry of Finance, has prepared a draft bill, which proposes severe punishment with jail term of up to 10 years and monetary fines of up to `1 crore for those found involved in promoting unregulated lending activities. The …

ED arrests two Chinese nationals from Tamil Nadu over shady digital loan apps
1 month ago

ED arrests two Chinese nationals from Tamil Nadu over shady digital loan apps

India Today  

The Enforcement Directorate arrested two Chinese nationals, named Xiao Ya Mao and Wu Yuanlun, in connection with a money laundering case related to digital loan apps operating across India. As part of the ongoing investigation, ED has frozen 96 bank accounts across Delhi NCR, Haryana, Punjab, Gujarat, and Chandigarh, containing a total balance of Rs 19.43 Crore. The case centred …

Indian consumers still falling prey to unlawful loan applications: Report
8 months, 1 week ago

Indian consumers still falling prey to unlawful loan applications: Report

India TV News  

One-third of the high-confidence customers have limited knowledge about their digital loans in India. A recent report from the Fintech Association for Consumer Empowerment shared the insights from a customer survey which was conducted between December 2023 and January 2024 to systematically understand the gaps in users' approaches and knowledge about Digital Lending Applications in India and it further drives …

Google removed over 2200 fraudulent loan apps from Play Store
10 months, 2 weeks ago

Google removed over 2200 fraudulent loan apps from Play Store

Deccan Chronicle  

New Delhi: The government on Tuesday informed Parliament that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. “The government is constantly engaged with the Reserve Bank of India and other regulators and stakeholders concerned to control fraudulent loan apps,” minister of state for finance Bhagwat K Karad …

Google removes 2,200 fraudulent loan apps from Play Store: MoS Finance
10 months, 2 weeks ago

Google removes 2,200 fraudulent loan apps from Play Store: MoS Finance

Hindustan Times  

The government is constantly engaged with the Reserve Bank of India and other regulators and stakeholders concerned to control fraudulent loan apps, Minister of State for Finance Bhagwat K Karad said in a written reply to Rajya Sabha. HT Image "As per the information received from MeitY, during April 2021-July 2022, Google had reviewed approximately 3,500 to 4,000 loan apps …

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context
11 months ago

Harmonizing Horizons: Unravelling Digital Lending Regulations in a Global Context

Live Law  

Driven by technical improvements and improved internet access, digital lending is on the rise in India with the goal of improving financial inclusion. The Consumer Financial Protection Bureau plays a pivotal role in enforcing federal consumer protection laws, recently issuing guidelines tailored for digital lending platforms. United Kingdom Within the United Kingdom, oversight of digital lending platforms falls under the …

Fraudulent loan apps proliferate in India. But how big of a problem are they?
11 months, 3 weeks ago

Fraudulent loan apps proliferate in India. But how big of a problem are they?

Firstpost  

The Centre has ordered popular social media platforms and other websites not to host The Centre is cracking down on fraudulent loan apps. The government on Wednesday ordered social media platforms and other websites not to host Union minister Rajeev Chandrasekhar said, “One of the areas we are now cracking down on is advertising of fraudulent loan apps that many …

7 reasons why it is essential to stay cautious of digital lending apps
1 year, 4 months ago

7 reasons why it is essential to stay cautious of digital lending apps

Live Mint  

With the rapid advancement of technology and the proliferation of smartphones, the fintech industry in India has witnessed significant growth in recent years. Predatory lending practices Digital lending apps often target vulnerable individuals who may have limited access to formal banking services or who urgently require funds. Data privacy and security concerns Digital lending apps typically require borrowers to share …

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe
1 year, 5 months ago

Apple removes 6 loan apps from App Store: Read how predatory loan apps target the vulnerable and how to stay safe

Op India  

Apple has reportedly removed six predatory personal loan apps from App Store in India in the first week of July 2023. A user reviewed the app on App Store and said, “I borrowed an amount in a helpless situation and a day before repayment due date I got some messages with my pic and my contacts in my phone saying …

Digital Loan Apps in India denied access to user location and call logs: Know Google’s latest guidelines
1 year, 6 months ago

Digital Loan Apps in India denied access to user location and call logs: Know Google’s latest guidelines

India TV News  

Digital loan apps have emerged as a troublesome issue in recent years, exploiting individuals looking for quick and easy money. The companies responsible for these apps no longer have access to sensitive data, including contacts, photos, videos, location information, and call logs from users' devices. Moreover, Google is now demanding that all legitimate app companies provide supporting documentation to verify …

Strict rules for lending apps, combating malware underline Google’s Play Store
1 year, 7 months ago

Strict rules for lending apps, combating malware underline Google’s Play Store

Hindustan Times  

Google has revealed some numbers, which perhaps best illustrate the problem, of how malicious apps and their developers, are attempting to hoodwink unsuspecting users. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} The company’s data suggests they prevented as many as 1.43 million apps from being published on the Play Store for Android users, which violated one or more policy conditions. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} …

Chinese loan app case | ED attaches ₹106-crore assets
1 year, 8 months ago

Chinese loan app case | ED attaches ₹106-crore assets

The Hindu  

The Enforcement Directorate has attached movable assets to the tune of ₹106 crore in connection with the “Chinese-controlled” loan app case. They have provided instant short-term loans to the public through loan apps and other means and charged high processing fees.,” said the agency on Wednesday. “These Chinese nationals-controlled entities have indulged in huge money laundering activities through the merchant …

Chinese loan app case: ED files chargesheet against Razorpay, others
1 year, 9 months ago

Chinese loan app case: ED files chargesheet against Razorpay, others

Live Mint  

The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people. The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited …

Chinese apps were banned because…: Foreign Secretary explains
1 year, 9 months ago

Chinese apps were banned because…: Foreign Secretary explains

Hindustan Times  

Foreign Secretary Vinay Mohan Kwatra on Saturday said that the Chinese applications were banned in India to stop the spread of misinformation, the spread of disinformation, and fake information. Foreign Secretary Vinay Kwatra "To answer your question on what's the interface that government has, to balance the availability of information, availability of misinformation, the spread of disinformation and fake information, …

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED
1 year, 9 months ago

Chinese Loan Apps Exploited Covid Crisis, Weak Regulatory Framework to Cheat Millions of Indians, Says ED

News 18  

Chinese loan apps took advantage of the Covid crisis in India and cheated millions of gullible people who were in a financial mess. The central investigating agency has highlighted how the Chinese apps took advantage of a weak regulatory framework in India to make mind-boggling profits. Indian investigating agencies are keeping an eye on loan apps like Money View, Krazy …

India to ban 138 betting apps, 94 loan-lending apps with Chinese links
1 year, 10 months ago

India to ban 138 betting apps, 94 loan-lending apps with Chinese links

Deccan Chronicle  

New Delhi: In a bid to check fraudulent practices by some 'fake' mobile applications or apps in India, the government has initiated the process to ban 138 betting apps and 94 loan-lending apps with Chinese links on 'urgent and emergency' basis. It is also learnt that the action is being taken by the ministry of electronics and information technology on …

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China
2 years, 2 months ago

Andhra Pradesh: Probe into loan app cases finds links with servers operating from Pakistan, China

The Hindu  

The police have sounded alert as the investigation into the loan app fraud and harassment cases have found links with servers operating from Pakistan, China, Bangladesh, Nepal and other countries. “The investigating officers have found that the addresses of these loan app operators and the WhatsApp numbers used in the transactions have links with Pakistan, Bangladesh, China and Nepal. The …

Google faces pressure in India to help curb illegal lending apps: Report
2 years, 3 months ago

Google faces pressure in India to help curb illegal lending apps: Report

Live Mint  

Alphabet Inc's Google has been asked by the Indian government and the central bank to introduce more stringent checks to help curb the use of illegal digital lending applications in India, according to sources. Even though Google doesn't fall under the Reserve Bank of India's ambit, the U.S. tech giant has been called several times in the last few months …

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps
2 years, 3 months ago

RBI to Prepare Whitelist of Legal Loan Apps as Nirmala Sitharaman Cracks Down on Illegal Apps

News 18  

The Reserve Bank of India is set to prepare a “Whitelist” of all the legal lending apps, the government said on Friday, following a meeting chaired by finance minister Nirmala Sitharaman a day before. The minister, along with top officials, chaired the meeting to discuss various issued related to illegal loan apps outside the regular banking channels, the finance ministry …

India preparing whitelist of legal loan and finance apps, will ban others soon
2 years, 3 months ago

India preparing whitelist of legal loan and finance apps, will ban others soon

India Today  

Illegal loan apps are flooding the Google Play store and Apple App store. On Friday, the Finance ministry expressed concerns over the increasing number of illegal loan apps on the Google Play store and Apple app store. The decision comes after the union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired a meeting to discuss the various issues related …

The fatal lure of instant loan apps
2 years, 3 months ago

The fatal lure of instant loan apps

The Hindu  

“Mummy, I am leaving.” This is how Amit Yadav, 35, a mechanic from Madhya Pradesh’s Indore, concluded his note on August 23 before adding the words “ek fakir insaan ” below his name and signature. In response, Union Finance Minister Nirmala Sitharaman said the Central government had taken cognisance of such cases where digital loan apps “originating from one particular …

What is the Chinese loan app case? Key points about ED raids
2 years, 3 months ago

What is the Chinese loan app case? Key points about ED raids

Live Mint  

On September 3, the Enforcement Directorate announced that six online payment gateway locations in Bengaluru had been raided due to alleged irregularities in mobile app-based loans that were "managed" by Chinese individuals. The federal probe agency also said that during the raids, it has seized ₹17-crore worth funds kept in "merchant IDs and bank accounts of these Chinese persons-controlled entities". …

ED searches fintech firms in loan app case
2 years, 3 months ago

ED searches fintech firms in loan app case

The Hindu  

The Enforcement Directorate conducted searches at six Bengaluru locations linked to Razorpay Private Limited, Cashfree Payments, Paytm Payment Services Limited and entities controlled or operated by the suspects based in China, in connection with the micro-loan App case. The premises of Razorpay Private Limited, Cashfree Payments, Paytm Payment Services Limited and entities controlled/operated by Chinese persons are covered in the …

Pay Workers in Cash, Crypto Route, Foreign Servers: Sly Ways of Lending App Kingpins - News18
2 years, 3 months ago

Pay Workers in Cash, Crypto Route, Foreign Servers: Sly Ways of Lending App Kingpins - News18

News 18  

Predatory lending by instant loan apps has led to a spate of suicides in several states. PART 1 | India May Ban 300 Apps to Plug the ‘Sleaze Route’ of Predatory Lending The whole architecture of these predatory apps is built in a way so that the Chinese nationals who started everything can escape easily without leaving any footprint, officials …

When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap - News18
2 years, 3 months ago

When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap - News18

News 18  

Predatory lending by instant loan apps has led to a spate of suicides in several states. A few months ago, 28-year-old Rajkumar living in Hyderabad also ended his life after facing exactly the same humiliation, which is the modus operandi of Chinese loan apps. PART 5 | Govt Begins Crackdown on Chinese Loan App Companies in Bengaluru, Gurugram, Hyderabad Even …

Google Play got rid of 2K controversial personal loan apps- Know more
2 years, 3 months ago

Google Play got rid of 2K controversial personal loan apps- Know more

India TV News  

Google has stated that it has started taking off 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with law enforcement agencies. The eligibility includes a copy of their license by the Reserve Bank of India, and a declaration that they are not directly engaged in money lending activities and are only …

India May Ban 300 Apps to Plug the 'Sleaze Route' of Predatory Lending - News18
2 years, 4 months ago

India May Ban 300 Apps to Plug the 'Sleaze Route' of Predatory Lending - News18

News 18  

Predatory lending by instant loan apps have led to a spate of suicides in several states. PART 3 | When Lending Apps Bully Victims, Debt Trap Sometimes Becomes Deathtrap Traced to China and suspected to be one of the biggest money laundering scams, the apps are also being watched closely by the Enforcement Directorate, Serious Fraud Investigation Office, Intelligence Bureau, …

Explained | Why has the RBI come out with a framework to regulate digital lending?
2 years, 4 months ago

Explained | Why has the RBI come out with a framework to regulate digital lending?

The Hindu  

The story so far: On August 10, the Reserve Bank of India instituted a framework for regulating the digital lending landscape in the country. The latest set of regulations are based on recommendations received from its Working Group on ‘Digital Lending including lending through online platforms and mobile apps’ which was constituted last January. Lending Service Providers act in partnership …

RBI issues guidelines to regulate digital lending
2 years, 4 months ago

RBI issues guidelines to regulate digital lending

The Hindu  

The Reserve Bank of India on Wednesday issued the first set of guidelines for digital lending, to crack down on illegal activities by certain players. Stating that digital lending channels had become prominent recently, the RBI said certain concerns had also emerged which, “if not mitigated, may erode the confidence of members of the public in the digital lending ecosystem.” …

Despite awareness and measures to curtail the menace, loan app scams are on the rise in Bengaluru
2 years, 4 months ago

Despite awareness and measures to curtail the menace, loan app scams are on the rise in Bengaluru

The Hindu  

A 37-year-old businesswoman from Yelahanka recently approached the North East Cyber Crime Police to report about five mobile numbers, which were not only spamming her with calls, but had also accessed her trading app to withdraw ₹4,800. At least one in 10 cyber crime cases being reported in the city are related to harassment by loan apps, said senior police …

Digital lenders should stick to businesses they are licensed to do: RBI governor
2 years, 5 months ago

Digital lenders should stick to businesses they are licensed to do: RBI governor

Live Mint  

MUMBAI: Digital lenders should operate within the guardrails of regulatory guidelines and adhere to the specific licences granted to them, Reserve Bank of India governor Shaktikanta Das said on Friday. Without permission if they are engaging in activities for which they have no license then it is not acceptable,” Das said at Bank of Baroda’s annual banking conference. Das said …

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents
2 years, 5 months ago

Under RBI’s ombudsman scheme, 7,813 complaints received against digital apps and recovery agents

The Hindu  

As many as 7,813 complaints against banks and non-banking finance companies, pertaining to digital lending applications and recovery agents, were received under the Integrated Ombudsman Scheme of the Reserve Bank of India during the last financial year, according to the Central government. In a written reply to a question from Lok Sabha member Aparajita Sarangi, the Minister of State for …

Look out notice issued against Chinese national involved in loan app scam
2 years, 5 months ago

Look out notice issued against Chinese national involved in loan app scam

The Hindu  

The Bureau of Immigration has issued a look out circular against Liu Yi, a Chinese national, for his alleged involvement in running an illegal digital loan mobile app case in India. Yi used to run many illegal digital loan apps in India such as KOKO Loan, JOJO Loan, Golden Lightening Loan and Silver Kredit Loan. Obscene messages and indecent pictures, …

RBI finds 600 illegal lending apps operating in India
2 years, 8 months ago

RBI finds 600 illegal lending apps operating in India

India Today  

A Reserve Bank of India Working Group on digital lending has identified a whopping 600 illegal lending apps operating in India in the last year. As per RBI, “Sachet”, a portal established by RBI against unregistered entities, has received approximately 2,562 complaints against digital lending apps between the start of January 2020 to end of March 2021. In December 2020, …

ED attaches assets worth Rs 72 crore of Kudos Finance, others in money laundering case
2 years, 11 months ago

ED attaches assets worth Rs 72 crore of Kudos Finance, others in money laundering case

India Today  

The Enforcement Directorate has attached assets worth over Rs 72 crore in connection with a money laundering case involving Kudos Finance and Investments Private Limited, an Indian NBFC, and its various fintech partner companies, officials said. The attachment under the Prevention of Money Laundering Act, includes money lying in various bank accounts and payment gateway accounts of Kudos Finance and …

Beware! 600 fake money lending apps operating in India, says RBI report
3 years ago

Beware! 600 fake money lending apps operating in India, says RBI report

India TV News  

Highlights As many as 600 illegal money lending apps are operating in India, says RBI These apps are available on multiple app stores for Android users These apps can search through key words like loan, instant loan, quick loan, etc Fake Money Lending Apps in India: As many as 600 illegal money lending apps are operating in India, a report …

RBI report finds 600 illegal loan apps operating in India
3 years, 1 month ago

RBI report finds 600 illegal loan apps operating in India

The Hindu  

A Reserve Bank of India Working Group on digital lending, including lending through online platforms and mobile apps, has stumbled upon more than 600 illegal loan apps operating in India. In course of its filed work to prepare a detailed report on digital lending and to suggest recommendations, the WG found out the existence of over 1,100 unique loan apps …

ED attaches assets worth Rs 76 Crore in Chinese loan app scam
3 years, 7 months ago

ED attaches assets worth Rs 76 Crore in Chinese loan app scam

India Today  

The Enforcement Directorate has attached money to the tune of Rs 76.67 crore, lying in various bank accounts and payment gateways, in connection with Chinese loan application companies and their Indian associates, officials said. The amount attached by ED pertains to seven companies, out of which three are fintech companies -- Mad Elephant Network Technology Private Limited, Baryonyx Technology Private …

Government planning crackdown on apps offering cash loans online
3 years, 9 months ago

Government planning crackdown on apps offering cash loans online

Hindustan Times  

The government is planning a crackdown on apps offering cash loans, exploring new regulatory options that could ban coercive recovery procedures, cap the rate of interest and require mandatory registrations after increasing reports from around the country of people falling into debt traps, with at least 12 cases leading to suicide since late last year. According to a 2007 report …

Dummy directors, identical websites, lucrative rewards: The making of a Chinese betting shark
3 years, 11 months ago

Dummy directors, identical websites, lucrative rewards: The making of a Chinese betting shark

India Today  

Hundreds of complaints and several suicides have forced police in different cities to crack down on Chinese loan apps. His lawyer Pankaj Singh alleges that his client was framed in the case by Chinese directors of firms that are now also said to be linked to the mobile loan lending scam. How Chinese loan apps work Chennai resident Nataraj, 35, …

RBI panel to examine digital lending risks
3 years, 11 months ago

RBI panel to examine digital lending risks

Live Mint  

The Reserve Bank of India on Wednesday said it has formed a working group to study aspects of digital lending by regulated and unregulated players, including mobile apps. “The recent spurt in the popularity of online lending platforms/mobile lending apps has raised certain serious concerns that have wider systemic implications,” RBI said, adding that the working group will examine all …

RBI forms working group on digital lending
3 years, 11 months ago

RBI forms working group on digital lending

The Hindu  

The Reserve Bank of India has constituted a working group on digital lending — including online platforms and mobile apps — to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players. “While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are …

Instant Loan Apps Cases: Chinese National Among Two Arrested in Maharashtra
3 years, 11 months ago

Instant Loan Apps Cases: Chinese National Among Two Arrested in Maharashtra

News 18  

Two people, including a Chinese national were arrested on Wednesday in connection with the ongoing probe by police against instant app-based lenders, accused of harassing borrowers over repayment. "The arrested Chinese national came to India in July 2019 on a business visa and worked as a representative on behalf of three Chinese nationals, who are directors of some micro finance …

Lending apps thrive on India's Google Play despite policy violations
3 years, 11 months ago

Lending apps thrive on India's Google Play despite policy violations

The Hindu  

At least 10 Indian lending apps on Google's Play Store, which have been downloaded millions of times, breached Google rules on loan repayment lengths aimed at protecting vulnerable borrowers, according to a Reuters review of such services and more than a dozen users. "Predatory loan apps with high processing fees, short tenures and steep penalty charges on default are leading …

Sources of funds for loan apps under lens
3 years, 11 months ago

Sources of funds for loan apps under lens

Live Mint  

The Reserve Bank of India has begun looking into the sources of funds for app-based instant loan companies accused of harassing vulnerable borrowers, said a person aware of the matter. According to this person, RBI is likely to launch an investigation into whether some banks allowed funds to flow into these apps without conducting mandatory due diligence. The RBI scrutiny …

Deep Dive | How China-based money lending apps are devastating gullible Indian borrowers
3 years, 11 months ago

Deep Dive | How China-based money lending apps are devastating gullible Indian borrowers

India Today  

China saw a spate of incidents involving 'loans for nudes' scams in 2016. Such mobile apps are hardly ideal as they involve exorbitant interest rates and like the earlier example, access the private data from the borrowers' phone. INDIAN SECURITY AGENCIES GET CRACKING The Central Crime Branch of the Chennai Police on Sunday arrested two Chinese nationals in Bengaluru for …

Financial fraud | Usury travels online, thrives during pandemic
3 years, 11 months ago

Financial fraud | Usury travels online, thrives during pandemic

The Hindu  

Usurious moneylending, or kandhu vatti, has always been a nightmare in Tamil Nadu. “When he/she defaults on payment, they and their contacts start getting messages and calls that are sometimes abusive and threatening in nature,” said a police officer. “They started to impose ₹100 to ₹200 as interest for every day after the stipulated seven days,” Mr. Puthiyavan said. These …

Loan apps are scamming Indians by hiding the ugly details in terms and conditions, misusing data
4 years ago

Loan apps are scamming Indians by hiding the ugly details in terms and conditions, misusing data

India Today  

Mr X lost his job in May in the aftermath of COVID-19. Yet, the customer care executives called him to inform that the app charges a hefty 30 per cent interest rate and he needs to pay Rs 9000 more. The Bust This money lending scam came back to light when the Hyderabad Police froze 75 bank accounts holding Rs …

Beware of illegal digital lending apps: RBI
4 years ago

Beware of illegal digital lending apps: RBI

The Hindu  

The Reserve Bank of India has advised public to be wary of unauthorised digital lending platforms and mobile apps. Taking note of reports about individuals and small businesses falling prey to a growing number of unauthorised digital lending platforms/mobile apps, the central bank on Wednesday said “members of public are cautioned not to fall prey to such unscrupulous activities.” It …

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