New Delhi: Although hundreds of loan applications have been banned or removed in recent times, fraudulent loan applications targeting the middle class and financially unsophisticated Indians are on the rise again. A similar case came to light in February this year when a woman alleged that she was being abused and threatened by strangers who sent her made-up and vulgar photographs to family, friends and relatives via social media. She approached the IFSO unit of the special cell and lodged a complaint. Recounting her ordeal, the plaintiff said she took a loan from a loan app, Cash Advance, which she repaid on time. However, after repaying the loan, she started receiving threatening calls and WhatsApp messages from Cash Advance employees.Read also – Scams and bank fraud: how to protect yourself from online banking fraud – Watch the video
Indians plagued by cyber fraud
Lately, gullible Indians are falling prey every day for the small amount of loans they get through these fake Chinese-run loan apps available on the Play Store. People are being scammed out of hundreds of millions of rupees every day.
A similar case happened to Delhi Police Criminal Branch where a man alleged that he and his family, friends and relatives were abused and also threatened by strangers through international and domestic WhatsApp mobile numbers, to pay back the loan contracted through the same “Cash Advance” application.
In another instance, when police were investigating a cyber fraud of only Rs 6,500, they were shocked to learn that the bank account in which the defrauded amount was deposited had a daily transaction of Rs 19.43 crores.
How do cyber fraudsters work?
Speaking to IANS, a senior Delhi police official claimed that over the past six months several cases of fraud, ultimately linked to Chinese cyber gangs, have come to light. These high-tech Chinese cybercriminals have come up with a new strategy to trick people and are now scamming Indians through fake loan applications. “These lend money instantly to anyone downloading these apps for a period of a few days. At the time of downloading the app, the app asks for permission to capture, contact list, photo gallery and other personal data from the loan seeker’s phone,” the IANS quoted the official as saying. police.
- After taking out a loan, part of the total amount is deducted as a processing fee
- If the remaining amount is not paid within the stipulated time, interest and penalties together bring the repayment to 200% of the loan amount.
- If the money is not paid, call centers operating from neighboring countries like Nepal, threaten victims to leak their personal details and make abusive comments to their contacts because while downloading the app , it accesses all the contacts, photos and other data in the victim’s mobile phone.
- Since money cannot be directly transferred to international or Chinese bank accounts, fraudsters need Indian bank accounts to make payments.
- This is where Chinese scammers find vulnerable, poor and greedy people in the country to help them get the Indian bank accounts.
Unregistered Digital Lending Apps vs Registered Lending Apps
Earlier last month, Reserve Bank Governor Shaktikanta Das said customers borrowing from unregistered digital lending apps should contact local police if there is a problem, making it clear that the central bank will not take action. only against entities registered with it. Das said most digital loan apps are not registered with the central bank and work on their own.
The RBI website has a list of applications registered on the website, the governor said, adding that police in many states acted against wrongdoers in accordance with the provisions of the law.
RBI Registered Loan Application List
|App name||Credit limit|
|Kcreditbee||Loan up to 2 Lakhs|
|Creditzy||Loan up to 2 Lakhs|
|Paysense||Loan up to 5 Lakhs|
|NAVIGATION||Loan up to 5 Lakhs|
|Lazypay (Line of Credit + Personal Loan)||Loan up to 1 Lakhs|
|Freopay (line of credit)||Rs.10000|
|Stashfin – (Line of credit + Personal loan)||Loan up to 5 Lakhs|
|cashew grain||Loan up to 1 Lakhs|
|MI Credit||Above 5,000,000|
|Dhani (line of credit)||Loan up to 5 Lakhs|
|Financing available||Loan up to Rs. 50,000|
|NIRA||Loan up to 2 Lakhs|
|Fork||Loan up to Rs.50,000|
|smartcoin||Loan up to 2 Lakhs|
|Rupeek App (gold loan)||Loan up to 50 Lakhs|
|Simple Pay Later (Line of Credit)||Loan up to 1 Lakhs|
|Mobikwik (Line of credit + Consumer loan)||Loan up to 2 Lakhs|
|Paytm personal loan||Loan up to 2 Lakhs|
|Krazybee (ready to eat)||Loan up to 2 Lakhs|
|Bharatpe (commercial loan)||Loan up to 5 Lakhs|
|postpaid paytm (line of credit)||Loan up to 1 Lakhs|
|real caller||Loan up to 5 Lakhs|
|Simply cash||Loan up to 2 Lakhs|
|Tranche (line of credit)||Loan up to 1 Lakhs|
|True Balance||Up to Rs. 50,000|
|Zest Money (Ready for consumption)||Above 2,000,000|
|Amazon Pay Later||Up to Rs. 60,000|
|Flipkart Pay Later||Up to Rs. 60,000|
|Tata Capital||Above 10,000,000|
|Tata neu Credit Card (Qik EMI Card)||Rs.10000 to Rs.150000|
|Tata Neu app (Qik personal loan)||Rs.10000 to Rs.10,00,000|
|Ola Money pay later||Rs.1500 to Rs.20000|
|Khatabook app||Rs.50,000 to Rs.10,00,000|
|Jupiter Credit Limit||Up to Rs.50,000|
|OneCard App||Rs. 10,000 to Rs.150,000|
|Paisabazaar credit limit||Rs.50,000 to Rs.10,00,000|
|pay later||Rs. 20,000|
|SBI YONO APP||Rs. 1500 to Rs. 60000|
|IDFC Bank Pay later||Rs. 1500 to Rs. 60000|
|Bajaj Finserv App||Rs. 50,000 to Rs. 5,00,000|
|Rufilo Loan App||Rs. 5,000 to Rs. 25,000|
|IBL FINANCE app||Rs. 5,000 to Rs. 25,000|
|First salary||Rs. 8,000 to Rs. 500,000|
|View of money||Rs.10,000 to Rs.5,00,000|
|BOX||Rs. 1,000 to Rs. 3,00,000|
|mPokket||Rs.500 to Rs.30,000|
|Stashfin – Line of credit and loan||Rs. 1,000 to Rs. 5,00,000|
|MoneyTap||Rs.1,000 to Rs.60,000|
|FairMoney Loan App||Loan up to 2 Lakhs|
|CreditA||Rs.5000 to Rs.25,000|
|FlexSalary Instant Loan App||Rs.5000 to Rs.25,000|
|DigiMoney||Rs. 5,000 to Rs. 25,000|
|Mystro Loans & Neo Banking app||Rs.50,000|
|Kissht: Instant Line of Credit||Rs. 10,000 to Rs. 1,00,000|
How to protect yourself from fake loan applications
- Never download the app from the lenders website and only download it from the app store.
- Most illegal Chinese loan apps don’t even list their website. If a business doesn’t have a website, don’t download the app.
- If the website is listed, visit the website and make sure that the company owning the app is a legitimate lender registered with RBI or works with a bank or NBFC registered with RBI.
- All legal loan companies are required to show this clearly with their Company Identification Number (CIN) and Certificate of Registration (CoR) details with RBI.