Blacklisted lending apps trying to lure customers


Posted: Posted Date – 11:02 PM, Sun – 22 May 22

Representative picture

Hyderabad: Fake online loan application managers seem to be trying hard to find lost customers and create new ones. According to the police, they are resorting to desperate measures, including crediting loan amounts without requests or requests from customers.

The Reserve Bank of India had recently blacklisted around 130 fake loan apps, most of which were of Chinese origin and lured customers with “low interest rate” and “easy repayment” options.

After the move of RBI, many of these apps now identify their former and current customers and credit loan amounts between Rs.5,000 and Rs.10,000 on average and Rs 2 lakh in some incidents, into their wallets and bank accounts. This is not done at the client’s request or with their permission, police said.

“There have been a few incidents where, without customers’ permission, loans have been credited to their bank accounts, after debiting first month interest and fees,” an official said, adding that soon the harassment on the part of the enforcement management would begin, pressuring the customer to repay the loan.

Officials said investigations into several complaints of bogus loan applications revealed interstate gangs with the backing of Chinese nationals were setting up call centers in Delhi, Uttar Pradesh, Noida and Bengaluru and carrying out operations.

Male and female callers employed by lending application managers make harassing calls to customers. It is learned that each employee is given the contact numbers of 50 to 100 customers of loan applications and goals are set to collect money by any means.

“Although the monthly principal and interest are paid in full, they still demand more money and harass in every way possible, including libel threats and physical attacks. There is no particular time for harassment,” an official said.

Harassment of men and women is different. While men are threatened with tarnishing their reputation, women are targeted by altering their photos and threatening to upload them to social media.

“The motive of these lending app companies is to lend small amounts and collect four or five times more from customers. In most cases, Chinese nationals are known to have run these companies directly or indirectly across the country,” a senior police official said.


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