Explained: What is the instant loan apps case? How were victims lured?
It is a racket in which instant personal loans are offered through mobile apps at exorbitant interest rates by unauthorised lenders. Written by Sreenivas Janyala , Edited by Explained Desk | Hyderabad | Updated: December 31, 2020 1:28:44 pm
Of the numerous apps that are available on Google PlayStore, most do not have any tie-up with any banks or Non-Banking Financial Institutions.
A woman employee of Telangana Agriculture Department and a software engineer
died by suicide last week after they were humiliated and blackmailed by tele-callers and recovery agents of a mobile app instant loan company. Their personal details were posted by the company on social media and labelled them defaulters and used abusive language.