The Telangana police said on Friday that there are at least 60 such loan applications available on Google Play Store that are not registered or recognised by the Reserve Bank of India as an NBFC and that their operations are illegal.
The Telangana DGP's answer came after the suicides of a jobless techie in Hyderabad and an agriculture extension officer in Siddipet district in recent days, both purportedly as a result of harassment and humiliation over repayment.
The DGP's office stated in a statement that these apps infringed users' privacy. "The approaches used by all of the apps have an uncanny similarity. They appear to be based on a single SDK, which is thought to have been supplied by a foreign country. "Their acts of dialling up victims' friends and relatives are also in violation of Rule 3(2) of the Information Technology (Intermediary Guidelines) Rules 2011," it stated, urging the public to report any harassment by these applications to the authorities.
The Rajendranagar police discovered that techie P Sunil (29) committed himself at his Kismatpur home on December 16 after being threatened and blackmailed by representatives of immediate loan mobile app businesses. He had taken roughly Rs 2 lakh in loans from various instant loan applications.
Sections 420 (cheating), 306 (suicide attempt), 504 (intentional insult with intent to incite breach of the peace), 506 (criminal intimidation) of the IPC, and section 67 of the IT Act were added to the original case.
Sunil had been bullied and threatened by representatives of the applications, who had contacted his father and wife, proclaimed him a defaulter, and threatened to make the payback, according to police.
1) In Cash 2) Cash period were some of the apps he used to get immediate loans. 3). The lion of cash 4) Melons de maître 5) Good luck with your wallet 6) Coco money 7) Indian Loan 8) Rupee Pus 9) Credit finch 10) Credit finch Ratheon loan (#11) 12) Cash machine Smile Loan (nineteen) 14) Today is a credit day 15) Today is a cash day 16) Today is a lucky rupee 17) Make a cash deposit 19) Loan Zone 20) Quick Cash 21) Panda Rupees 18) Snapit Loan 19) Loan Zone 20) Quick Cash 21) Panda Rupees 22) Play for real money Dhani 24) Lazy Pay 25) Loan Tap 26) IPPB Mobile 27) Micredit 28) Quick Credit 23) Dhani 24) Lazy Pay 25) Loan Tap 26) IPPB Mobile 27) Micredit 28) Quick Credit 30) Rupees Plus 29) Cashon Rupee Now is number 31, Elephant Loan is number 32, Ant Cash is number 33, Quick Money is number 35, and Alp Cash is number 36.
Police discovered that these app companies gathered sensitive data such as contacts, images, and other personal information from users' mobile phones and used that information to put pressure on them to repay the loan.
Apart from Sunil's death, Telangana police are probing the suicides of Eddu Srawan Yadav in Narsapur and Kirni Mounika in Siddipet, both of whom died as a result of claimed harassment from money lending applications.
In light of the increasing number of such cases, the DGP's office has underlined that the Reserve Bank of India's policies will apply to all lenders, whether they are online, offline, or from any bank.
It said on Friday that under Section 45-1A of the RBI Act 1934, non-banking financial entities can only operate under the rules if they are properly registered. Any non-banking financial companies that are not registered under the law, according to the RBI, are not legal tender.
"Most of the currently available web apps are not registered with the RBI and hence lack the authority to lend to them." The majority of these apps are written in Chinese and lack a registered address or a working phone number."
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