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The change prevents payday loan repayments from exceeding 10 per cent of a person’s net income.

The police have so far arrested 28 persons in the case which include Zhu Wei alias Lambo and three other Chinese nationals.

Scams, terror, and national security: Problems with Chinese microloan apps in India The pandemic, accompanied by job loss and pay cuts, has made many Indians even more desperate than they normally were for loans. This has made them easy targets for spurious loan apps whose origins lie across the border. January 29, 2021 -- 05:07 GMT (21:07 PST) | Topic: Innovation Technology has become a great enabler but it can also be a killer. In this case, it has literally proven so for India's lower-income residents, than...

India Arrests Chinese Man Amid Raids on Companies Running 11 Small Loans Apps December 27, 2020 Updated: December 28, 2020 NEW DELHI—India arrested on Dec. 25 a Chinese man who managed companies that operated at least 11 apps offering small loans at extremely high interest rates to Indian people between the ages of 20 and 40. Experts see the potential for the regime in Beijing to gather large amounts of data on Indian citizens through the apps, and for this data to be used to infiltrate Indian society, politics, and economic system. Yi Bai (alias Dennis) was arrested by cybe...

Chinese national, 3 others arrested for loan apps fraud in Telangana ANI | Updated: Dec 26, 2020 05:16 IST Rangareddy (Telangana) [India], December 26 (ANI): A Chinese national and three members of a gang have been arrested in an instant loan apps fraud case at Cyberabad. Cyber Crime Police, Cyberabad raided a call centre named "Cubevo Technology Private Limited" (Skyline) located in the city headed by a Chinese national and arrested four members including another Chinese national. As per the police, its head office is located in Delhi named "Skyline Inno...