The Hyderabad police have discovered a multi-crore online rapid money loan fraud that was carried out using 30 non-RBI-approved mobile phone apps (RBI).
The unlawful lending apps, according to sources, were administered by four people, including a Chinese national, who were arrested on Friday during a raid on a call centre in Hyderabad.
According to news agency IANS, the Chinese national identified as Zixia Zhang is the mastermind behind the entire operation, who founded Digipeergo Tech Pvt Ltd last year with the support of Delhi-based Umapati. They formed another firm, Skyline Innovation Technology India Pvt Ltd, which produced 11 Instant lending applications with the support of their Singapore-based sister company, Xikai Holding Pte Ltd.
These Google Play Store mobile phone applications provide users with short-term loans with high fees and interest rates. If the borrower does not pay on time, the contact centres will harass him or her with threats, abuse, and even false legal notices.
How To Protect Yourself And Your Money From Unauthorised Digital Lending Platforms?
The RBI warned people and small companies earlier this week against falling for the growing number of unlicensed digital lending platforms/Mobile Apps that promise quick and easy loans.
Members of the public are encouraged not to fall prey to such unscrupulous practises and to check the antecedents of the company/firm offering loans online or through mobile apps, according to RBI standards.
Consumers should never share copies of their KYC documents with unrecognised individuals or apps that are unverified or unauthorised.
Individuals should report such Apps/Bank Account Information to competent law enforcement agencies or register an on-line complaint through the Sachet site.
Conclusion
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