Online loan app scammers also stole data

Investigations into the mobile app lending racket dismantled by the CID revealed that the defendant not only harassed and threatened customers who failed to pay interest or repay the loan amount, but also hacked into their cell phones, including including their contacts and photos.

Using this personal data, they allegedly created a WhatsApp group consisting of the customers’ contacts and posted abusive messages against the customer with the customer’s photo, calling them “fraud” or “defaulting”. There are instances of voicemails from company recovery agents threatening physical and sexual assault against female customers, CID detectives said.

Harassed customers ended up taking out loans through other apps to repay the previous one, getting caught in a vicious cycle of taking and repaying loans, officials said.

The preliminary investigation revealed that citizens of neighboring countries are the investors and CEOs of these applications.

Taking serious note of fraud, the RBI has warned against unauthorized digital lending platforms and mobile apps.

RBI Chief Managing Director Yogesh Dayal said in a statement on Wednesday that individuals or small businesses are falling prey to an increasing number of unauthorized digital lending platforms and mobile apps on the promise of get loans quickly and hassle-free. free way. These reports refer to excessive interest rates and additional hidden fees charged to borrowers; adoption of unacceptable and overbearing collection methods; and misuse of data access agreements on borrowers’ mobile phones. Consumers should never share copies of KYC documents with unidentified people, unverified apps and should report such apps or bank account information associated with apps to law enforcement agencies or use the Sachet portal (https: // to file a complaint online.

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