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Loan apps are scamming Indians by hiding the ugly details in terms and conditions, misusing data There are several such platforms that have come up promising good returns, before revealing the bad conditions applied and then turning ugly with abuses and threats. Manas Tiwari | December 24, 2020 | Updated 11:54 IST Several money lending apps lure borrowers by offering instant loans. Highlights They charge significantly higher interest rate. Users are threatened over calls. Mr X lost his job in May in the aftermath of COVID-19. He had few expenses to take care of children's school fee, car EMI...

Three Suicides Unearth Multi-crore Loan Apps Scam in Hyderabad and Gurgaon, 12 Arrested So Far FOLLOW US ON: Hyderabad Police have frozen 75 bank accounts holding Rs 423 crore in connection with a multi-crore money lending scam that was being run on 30 mobile phone application not approved by the RBI, that charged victims up to 35 percent interest. The matter came to light after three people died by suicide after reportedly being harassed and humiliated by money lenders. Telangana Police were alerted and authorities conducted multiple raids in Hyderabad and Gurgaon arresting 16 people, accord...

Crackdown on illegal instant loan apps; 17 arrested from Delhi, Gurgaon, Hyderabad Based on complaints, the Hyderabad and Cyberabad police have registered 16 and 7 cases, respectively, against such companies. December 23, 2020 10:30:06 am The Cyberabad police registered a case under sections 420 (cheating), 506 (criminal intimidation) of IPC and also invoked section 66 of the IT Act, section 3, 10, and 13(1) of the Telangana Money Lenders Act and started an investigation. Cracking down on illegal app-based instant microloan lending companies, Hyderabad poli...

Multi-Crore Loan Apps Scam Caught In Hyderabad, Gurgaon; RBI Warning Out Telangana Police were alerted once three people died by suicide after reportedly being harassed and humiliated by money lenders, and conducted raids in Hyderabad and Gurgaon Updated: December 23, 2020 8:01 pm IST The scam employed over 1,000 people in three call centres; many were college graduates Hyderabad: Hyderabad Police have frozen 75 bank accounts holding Rs 423 crore in connection with a multi-crore money lending scam - that charged victims up to 35 per cent interest - conducted via 30 mobile phone apps that...

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 r...