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Taking advantage of the lockdown that resulted in many becoming jobless, rogue firms lent money at sky-high rates
When the lockdown dried up 24-year-old Hemanth’s income, he started borrowing on “instant loan” apps. He had no idea it would wreck his family and social standing. His wife left him, and her parents will not let her return until he wriggles out of the financial hole he has fallen into.
Hemanth has not given up, but there are others across the country who have been unable to face the humiliation and harassment from representatives of the lending apps, many of which have come under the spotlight for predatory behaviour. Telangana, in particular, has been hit hard, with at least six such suicides.
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Beware of Chinese lending apps: Rs 21,000 crores siphoned off to China with just one wrong click
During COVID-19. many users are facing a cash crunch. Taking advantage of people s compulsion to make fast money, Chinese apps have siphoned off money
DNA Web Team
Jan 14, 2021, 06:03 PM IST
Three people including a Chinese national were arrested in connection with instant loan apps fraud case in Telangana, informed Rachakonda Commissioner of Police, Mahesh Bhagwat on January 13.
One Chinese national, an Indian citizen, and one other were arrested, in connection with online instant loan apps fraud case.
During COVID-19. many users are facing a cash crunch. Taking advantage of people s compulsion to make fast money, Chinese apps have siphoned off money to the tune of Rs 21 thousand crores.
Two including Chinese national held in loan app fraud case in Telangana ANI | Updated: Jan 13, 2021 23:17 IST
Rangareddy (Telangana) [India], January 13 (ANI): Two persons, including a Chinese national, have been arrested in a loan app fraud here, police said on Wednesday.
The arrested persons have been identified as HE Jian aka Mark, a Chinese national and Vivek Kumar.
Mahesh Bhagwat, Commissioner of Police, Rachakonda Commissionerate stated that the police arrested them in continuation of investigation regarding the Instant Loan Apps fraud case and based on the confession of previous arrested three accused persons operating call centres for providing services to four Instant Loan Apps companies.
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