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Updated Feb 09, 2021 | 11:11 IST The Reserve Bank of India had to intervene in June 2020 because of the unusually high number of loan apps that had suddenly surfaced and were being accused of large-scale malpractices. Representational image  |  Photo Credit: iStock Images Starting mid-2020, it came as a rude shock that there were innumerable digital lending applications, mostly of Chinese origin, which were being grossly misused by unscrupulous elements to ensnare, trap, blackmail and then squeeze the unsuspecting needy people, who unwittingly fell into to a well laid out trap, maliciously crafted by Digital Shylocks. They were duly aided and abetted by Chinese sponsors and its cyber experts. They took the fullest advantage of the extremely difficult financial condition that arose during the pandemic and customised their apps to exploit the jobless, migrants and those who were in acute financial distress.

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