RBI Cautions Against Unauthorized Lending Platforms And Apps Promising Quick Loans Dec 23, 2020, 16:35 IST
MUMBAI: The Reserve Bank of India (
RBI) has release a note of caution about unauthorized digital lending platforms and apps promising quick loans in the wake of the rise in cases where people and small businesses are falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner
These reports also refer to excessive rates of interest and additional hidden charges being demanded from borrowers; adoption of unacceptable and high-handed recovery methods; and misuse of agreements to access data on the mobile phones of the borrowers.
Telangana Police crack down on instant loan apps, 17 arrested
By IANS |
Published on
Wed, Dec 23 2020 0:12 IST |
0 Views
Harassment by loan apps claims two lives in Telangana. Image Source: IANS News
Hyderabad, Dec 23 : In a crackdown on instant personal loan apps, Telangana Police arrested 17 people in raids conducted in Hyderabad and Gurugram.
While Hyderabad police arrested 11 people in raids in Hyderabad and Gurugram, remaining were taken into custody by Cyberabad police during raids in Hyderabad.
The action came after three persons committed suicide due to harassment by the employees of online loan apps last week. A techie and a woman government employee were among those who ended their lives.
Dec 22, 2020, 17:02 IST
HYDERABAD: The sleuths of Cyber Crime PS, Cyberabad nabbed six members in connection with instant personal loan apps mafia like Cash Mama, Loan Zone and Dhana Dhan. These app were operated under companies named Onion Credit Private Ltd with Directors K. Sarath Chandra, K. Pushpalatha and CRED FOX Technologies Pvt Ltd with directors K Sharath Chandra and V Chaitanya. A total of three Laptops, 3 Desktops, 22 Mobile Phones were seized and 18 bank accounts with an amount Rs. 1.52 crores were freezed.
This investigation comes in the wake of a unemployed techie’s death by suicide in Hyderabad and an agriculture extension officer in Siddipet district in the last few days, allegedly owing to harassment and humiliation over repayment by this mafia.
Cops probe app-based instant loan providers, NBFCs
December 22, 2020
Google, NBFCs served notice; complaints of harassment pour in from borrowers With reports of app-based personal loan disbursal firms harassing customers coming in from different parts of the country, the Cyberabad Police has cracked down on two companies, held six persons and served notices on Google and nine NBFCs.
The Telangana police has deputed special teams to Bengaluru and Delhi as part of the investigation into the fraud. As many as 70,000 people have reportedly took loans from the apps, which are charging interest rates of up to 35 per cent.
The cops have put the Reserve Bank of India (RBI) on alert on the very high interest rates being charged by the apps and dubious methods that they followed for recovery.
17 held in instant loan app fraud
Updated:
Updated:
December 22, 2020 22:08 IST
3 centres in Hyderabad employed nearly 600 telecallers; these companies took instructions from their heads in Jakarta
Share Article
AAA
Eighteen bank accounts of the accused firms, with a deposit of ₹1.52 crore, were frozen, Commissioner of Police V.C. Sajjanar said. | Photo Credit:
Special Arrangement
3 centres in Hyderabad employed nearly 600 telecallers; these companies took instructions from their heads in Jakarta
In a swift action, the police of Hyderabad and Cyberabad on Tuesday arrested 17 people, including several heads of app-based instant loan companies, for their role in lending money at a high interest rate and harassing the defaulters through coercive methods.