Multi-Crore Online Instant Loan Scam Busted! Know How To Protect Your Money From Unauthorised Money Lending Mobile Apps

RBI has cautioned individuals and small businesses against falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner.

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The Hyderabad police has busted a multi-crore online instant money lending scam conducted via 30 mobile phone apps not approved by the Reserve Bank of India (RBI). According to the reports, the illegal loan apps were run by four including a Chinese national, who were held on Friday during a raid on a call centre in Hyderabad. As reported by news agency IANS, the police sources said that the Chinese national identified as Zixia Zhang is the mastermind behind the entire operation who, with the help of Delhi-based Umapati, started Digipeergo Tech Pvt Ltd last year. They incorporated another company Skyline Innovation Technology India Pvt Ltd with the help of Singapore-based sister concern Xikai Holding Pte Ltd, developed 11 Instant loan applications. These mobile phone applications hosted in Google Play Store, offer short duration loans to individuals with hefty charges and interest rates. In case the individual fails to repay on time, the call centres harass the borrower with abuses, threats and even fake legal notices. How To Protect Yourself And Your Money From Unauthorised Digital Lending Platforms? Earlier this week, the RBI cautioned individuals and small businesses against falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. As per the guidelines issued by the RBI, members of public are advised not to fall prey to such unscrupulous activities and verify the antecedents of the company/ firm offering loans online or through mobile apps. Consumers should never share copies of KYC documents with unidentified persons, unverified/unauthorised Apps. Individuals should report such Apps/Bank Account information associated with the Apps to concerned law enforcement agencies or use Sachet portal to file an on-line complaint.

Avoid Borrowing Money From These Apps

• Loan Gram
• Cash Train
• Cash Bus
• AAA Cash
• Super Cash
• Mint Cash
• Happy Cash
• Loan Card
• Repay One
• Money Box
• Monkey Box