Police said Rajesh reportedly took a loan of around Rs 20,000 from an loan app two months ago. While he paid the first installment on time, he could not pay the second installment.
Chinese loan apps: ED freezes fresh deposits worth Rs 78 cr after raids at premises of Razorpay, others
The searches were carried out at five premises in Bengaluru on October 19, the Enforcement Directorate said. Razorpay said it cooperated with the agency and its funds were not seized.
DGP says 71 arrested, 173 fake or unauthorised loan apps removed from Google Play Store.
The deceased has been identified as Lanka Manikanta, a private milk van driver, from Prasadampadu in Vijayawada.
Four members of a gang from Maharashtra were arrested for their involvement in operating two illegal mobile loan applications and harassing people to clear debts, police said on Saturday.
They were transferring loan amounts and receiving the repaid/extorted money in their accounts, police explained.
The Finance minister has asked the RBI to prepare a whitelist of legal loan apps, and to cancel registration of dormant non-banking financial companies (NBFCs).
Google was forced to take action after several started surfacing regarding instant loan apps which usually target people from low-income groups, offering loans between Rs 2,000 and Rs 10,000.
After fake loan apps, cyber fraudsters have now switched to phishing by circulating SMS in the name of a Wayanad-based cooperative bank promising instant loans.
A reminder on how widespread harassment by recovery agents is. There have been many similar cases in Andhra Pradesh in recent times.
Loan-offering apps require access to the contacts of the applicant. In case the s/he defaults, the recovery agents get in touch with the alternative contacts and others in the loanee’s contact list.
The deceased has been identified as Nanda Kumar, a resident of Nagadevanahally, who was working in a co-operative bank.
With the internet reaching more remote corners, many people - mostly women, students and employees -are falling prey to such online apps.
Police said that Bandapalli Pratyusha had taken a loan of Rs 20,000 from two online loan vendors a few months ago and she was charged a heavy amount as interest.
An official said that the cyber cell has shortlisted 63 such apps after complaints of harassment and threats made by loan recovery agents and is investigating.
The RBI website has a list of apps that are registered with it on the website, the governor said, adding that the police in many states have acted against the wrongdoers as per the provisions of the l
The accused had promised higher returns to the customers on the pretext of investing their amount in the share market.
The apps offered small loan amounts ranging from Rs 3,000 to Rs 5,000 to its customers’ bank accounts.