Dummy directors, identical websites, lucrative rewards: The making of a Chinese betting shark
Dummy directors, identical websites, lucrative rewards: The making of a Chinese betting shark
Investigators reveal that upon downloading these loan apps and applying for a loan, the phone numbers of the borrowers/customers and their family members are instantly shared by the lending firm to their tele-callers and loan agents. Defaulters are threatened with messages containing fake FIR case numbers.
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UPDATED: January 15, 2021 12:40 IST
Hundreds of complaints and several suicides have forced police in different cities to crack down on Chinese loan apps. (Getty Images)
Hundreds of complaints and several suicides have forced police in different cities to crack down on Chinese loan apps. As investigators dug deep, they found that the same Chinese entities also ran several gambling and betting apps. Many, including some Chinese nationals, have also been arrested in connection wi
How instant loan apps are extorting borrowers in Telangana
How instant loan apps are extorting borrowers in Telangana | India Today Insight
The Telangana police have made 11 arrests following growing complaints by loan seekers of harassment at the hands of dubious loan companies
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Illustration for representational purposes (Siddhant Jumde)
D.S. Aravind, a resident of Hyderabad, borrowed Rs 3,500 from an instant loan app in November, but the finance company, MyBank app, disbursed Rs 2,600 after deducting process fees and interest. As Aravind repaid on time, i.e. a week, the company unlocked more features for him and he further borrowed Rs 30,000, for which he was asked to repay Rs 55,000 within a week. When he delayed repaying this amount, MyBank customer care executives allegedly threatened to inform his family and friends about the default.