Instant loan apps, which lend money in a jiffy with no paperwork, are ripping off thousands of people in Bengaluru every day.
They are mostly of Chinese origin and are run with the help of Indian call centres and thug recovery agents.
“The eight cyber crime police stations across Bengaluru regularly receive calls about loan app frauds making threatening calls and sending recovery agents. But people are hesitant to register a complaint. But they should come forward without any fear,” an officer in the Criminal Investigation Department told Metrolife.
Many apps steal data for blackmail. They access WhatsApp chats, contacts, bank account details and other sensitive data and use them for fraud and extortion.
“The rate of interest is cut-throat,” says a top officer. If the borrower is a woman, the threats range from rape to pictures being uploaded on porn sites, he says.
Data theft
The frauds gain complete access to private photos and videos, besides bank-related details.
“The private data is sometimes sold to other frauds, who pull off their own crimes,” explains the officer. Hacking is often a part of the operation.
“The frauds keep track of people who search for loans on Google. They gain access to emails and information exchanged with the banks and approach customers posing as bank officials,” explains the officer.
Bengaluru police suspect operators in Kerala, Hyderabad and Goa are involved in loan app scam.
“They build a network across states and talk in…
