Tirupati police hand over 46 money lending apps for fraudulent practices – Reuters
TIRUPATI: Tirupati Urban Police booked 46 errant instant loan mobile apps on Friday for allegedly cheating and harassing the public. Based on complaints, the police and their cyber wing filed a total of 56 FIRs under various sections against the apps, and urged the court to issue orders removing their online presence.
As more and more people fall prey to these apps, Tirupati SP Ch Venkata Appala Naidu has also requested the Director General, Indian Computer Emerging Response Team, Ministry of Communication and IT (New Delhi) to ban these apps and delete their online presence.
Citing the case of a student, who applied for a loan of Rs 60,000 with such an application, the police said the lender only disbursed Rs 32,000 but charged interest for Rs 60,000. investigation, the police found that money lent apps only disburse 40-60% of the requested loan amount, but charge users interest on the entire amount. The apps collect personal information about individuals and invade their digital privacy, which they use to harass people who fail to clear EMIs in time. .
“The average time granted by these instant loan requests is six weeks. By failing to repay them on time, lenders start threatening users by sharing their transformed photos, with their relatives and in WhatsApp groups,” police added. Urban SP Venkata Appala Naidu suggested the public avoid to take out personal loans from these instant mobile apps and urged them to contact the police if they are harassed by these lenders.
Ban fraudulent apps, SP urges government
Citing the case of a student, who applied for a 60,000 loan with such an application, police said the lender only disbursed 32,000 but charged interest for 60,000. SP Ch Venkata Appala Naidu has urged the Union Government to ban these money lending apps