December 29, 2020 | 12:05 am Font Size
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THE Securities and Exchange Commission (SEC) has revoked the certificate of authority of Super Cash Lending Corp. due to its unfair debt collection methods.
In a statement on Monday, the commission said that according to a Nov. 11 order, its corporate governance and finance department (CGFD) determined that Super Cash had incurred nine violations under SEC Memorandum Circular No. 18 dated 2019, which mandates for the prohibition on unfair debt collection practices.
CGFD said the company had threatened borrowers with the publication of their loan and personal details, including estafa and theft charges, on social media.
Super Cash has online lending platforms such as Super Cash, Cash Porter, and Loan Bee.
SEC stops Super Cash s operations – The Manila Times
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Firm barred from lending for unfair practices
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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 cyber police in Hyderabad during a raid on a call center, for illegally running money-lending mobile applications, Indian media outlet DNA reported on Dec. 26.
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 Innovations Technologies India Private Limited which is registered in ROC, Gurgaon and its Directors are Zixia Zhang and Umapati @ Ajay and they developed 11 Instant Loan applications which offer loans to individuals and collect huge repayments (including interest, processing charges, GST, Default charges and once loan period is over they charge 1% penalty) and also resort to systematic abusing