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 Rupee, Rupee Bear, Lend Now, Paisa Loan, Rupee Key, Palm Cash, Small Wallet, Flip Cash, Cash Train, Angel Wallet, etc. However, through clause 37 of the Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company Directions, 2016 dated 1.9.2016, the RBI has stipulated that the NBFCs shall lay out appropriate internal principles and procedures in determining interest rates and processing and other charges and directed to follow Fair Practices Code in this regard.

India Indian Interest Apps Company Chinese Rate Mr Lai Nbfc Loan Apps Covid Crisis Loan Rupee Weak Regulator  india  covid  crisis  apps  rate  company  framework  millions  ed  indians  regulatory  exploited  cash  chinese  weak  interest  loan  rupee  mr

History of this topic

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 …

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 …

The dark world of illegal loan apps in India
11 months, 4 weeks ago

The dark world of illegal loan apps in India

Al Jazeera  

Borrowers are harassed by reps of lending apps who abuse, threaten and blackmail them by accessing their contacts, pics. Kreditbe’s name is a rip-off of a legitimate loan app called KreditBee, a common modus operandi for these illegal loan apps which often choose names similar to reputable brands to create a sense of authenticity. In the last three years, Loan …

Govt of India bans over 100 fraudulent Chinese websites in crackdown on China-operated financial scams
1 year ago

Govt of India bans over 100 fraudulent Chinese websites in crackdown on China-operated financial scams

Firstpost  

The government of India has banned over 100 Chinese-operated investment scam websites. These websites were found to be intricately linked to multiple bank accounts, with funds being transferred between accounts to confuse investigating agencies In a decisive move against financial fraud, the Government of India has launched a comprehensive initiative to ban over 100 Chinese-operated investment scam websites that have …

Vantage | How developing countries came to owe a trillion dollars to China
1 year, 1 month ago

Vantage | How developing countries came to owe a trillion dollars to China

Firstpost  

China’s role as the world’s biggest debt collector is a matter of concern, not just for the nations burdened by its loans but also for China itself In recent years, China has emerged as a significant player in the global financial landscape, particularly in the developing world. Economists estimate that Chinese government loans to low-income countries typically have a 2 …

Ponzi scam: Odisha Police arrests India head of Chinese earning app from Tamil Nadu
1 year, 4 months ago

Ponzi scam: Odisha Police arrests India head of Chinese earning app from Tamil Nadu

Hindustan Times  

The Economic Offence Wing of Odisha Police on Thursday said it has arrested India head of Chinese earning Aap, involved in an online ponzi scam, officials said. Police said that after banning of loan apps they started running Earning Apps, online betting and other App based cyber-financial frauds. Law Enforcement Agencies started crackdown against Chinese Loan Apps after many people …

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 …

How fake loan apps extort money and push people into debt traps
1 year, 5 months ago

How fake loan apps extort money and push people into debt traps

The Hindu  

July 13, 2023 08:56 pm | Updated July 14, 2023 01:07 pm IST - Bengaluru Bengaluru Ramesh Reddy, 35, borrowed ₹2 lakh for a couple of weeks from a money-lending app a month ago to tide over a crisis in his business. Good Bye.” Flood of apps Loan apps advertised on social media platforms, like Facebook and Instagram, are an …

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}} …

Google took action against over 3,500 loan apps in India for violating norms in 2022
1 year, 7 months ago

Google took action against over 3,500 loan apps in India for violating norms in 2022

India TV News  

New Delhi: Google took action against over 3,500 loan apps in India in 2022 for violating Play Store policy requirements, the company said on Thursday. Google said that overall it prevented 1.43 million policy-violating apps from being published on Google Play banning 173,000 bad accounts preventing over USD 2 billion in fraudulent and abusive transactions in 2022. "In India, in …

Google to restrict personal loan apps from May 31
1 year, 8 months ago

Google to restrict personal loan apps from May 31

India TV News  

Google has officially stated that it will update its Personal Loans policy for users in India, Indonesia, Pakistan, Philippines, Kenya and Nigeria. Google said, "We're updating our Personal Loans policy to state that apps aiming to provide or facilitate personal loans may not access user contacts or photos.” It further added, "Apps that provide personal loans, or have the primary …

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 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, …

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 …

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

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

The Hindu  

In a major crackdown, the Central government has initiated the process to ban and block 138 betting apps and 94 loan lending apps with Chinese links on an “urgent” and “emergency” basis, top government sources said on February 5. States like Telangana, Odisha and Uttar Pradesh as well as central intelligence agencies had then asked the Union Home Ministry to …

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

Centre to ban 138 betting, 94 loan apps with Chinese links

India Today  

In a big development, the Centre has taken a decision to ban and block 138 betting apps and 94 loan-lending apps with Chinese links on an “urgent” and “emergency” basis. Several states as well as central intelligence agencies had then asked the Union Home Ministry to take action against these apps, sources said The MHA, based on these inputs, started …

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
2 years, 3 months ago

Google faces pressure in India to help curb illegal lending apps

The Hindu  

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 …

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 …

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". …

Congress raises issue of suicides linked to Chinese loan apps
2 years, 3 months ago

Congress raises issue of suicides linked to Chinese loan apps

The Hindu  

The Congress on August 30 raised the issue of several Chinese apps siphoning off ₹500 crore by duping lakhs of Indians through debt traps and questioned why Prime Minister Narendra Modi was keeping his “eyes closed”. Till now, 52 individuals in our country committed suicide due to blackmailing by these loan apps,” he told reporters, asking, “What is the Modi …

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 …

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 …

Google Banned Over 2000 Harmful Personal Loan Apps In India This Year From Play Store
2 years, 3 months ago

Google Banned Over 2000 Harmful Personal Loan Apps In India This Year From Play Store

News 18  

Google said it has purged more than 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting with the law enforcement agencies. Google now requires personal loan apps in India to complete the additional proof of eligibility requirements. The eligibility includes copy of their license by the Reserve Bank of India, and declaration …

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 removes over 2,000 loan apps from India Play Store since Jan
2 years, 3 months ago

Google removes over 2,000 loan apps from India Play Store since Jan

Deccan Chronicle  

NEW DELHI: Google has removed over 2,000 loan apps from India Play Store since January this year for violating terms, misrepresenting information, and questionable offline behaviour, a senior official said. Saikat Mitra, Senior Director and Head of Trust and Safety, Google APAC said the company is commited to complying with regulations in all jurisdictions it operates in, and termed online …

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, …

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 …

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, …

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 …

Plea Against Chinese Fake Loan Apps : Supreme Court Asks Petitioner To Approach Centre With Representation
3 years, 10 months ago

Plea Against Chinese Fake Loan Apps : Supreme Court Asks Petitioner To Approach Centre With Representation

Live Law  

The Supreme Court on Wednesday disposed of a Public Interest Litigation petition seeking action against China-backed fake loan apps by asking the petitioner to approach the Union Ministry with an appropriate representation.A bench headed by the Chief Justice of India was considering a PIl filed by an NGO called "Save Them India Foundation" through its Chairman Mr.Praveen. The Supreme Court …

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, …

Google Has Removed Indian Personal Loan Apps From Play Store For Violating Safety Policies
3 years, 11 months ago

Google Has Removed Indian Personal Loan Apps From Play Store For Violating Safety Policies

News 18  

Google said today that it has ‘immediately removed’ personal loan apps from the Play Store in India for violating its user safety policies. Google said in a blog post that it reviewed hunders of personal loan apps in the country based on flags submitted by users and government agencies. According to a Reuters investigation, at least 10 Indian lending apps …

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 …

Discover Related