Loan Apps: Harassment, Blackmail and Suicides Amid Regulatory Inaction

May 27, 2024

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The harrowing tales of deceit and harassment by loan apps with accounts of relentless torment, blackmail and tragic suicides. Due to regulatory inaction, these apps continue to thrive, victimising unsuspecting consumers.

Bharat Kanaiyalal Motvani, a resident of Rajkot in Gujarat who works as a phlebotomist shares a shocking narrative of deceit, harassment and police apathy. Bharat describes how he fell victim to a fraudulent loan app, suffering relentless harassment and torment. Despite presenting evidence and proof, and with the Chief Secretary of the Gujarat government directing law enforcers to take action, no measures were taken on his complaint. As a result, Bharat continues to endure harassment and these loan apps continue to thrive on Google Play Store further victimising more unsuspecting loan applicants.

“I came across loan apps called Insta Money, Flex Salary and Money View. I was in need of money, so I applied for a loan. I took a 10,000 rupees loan from Insta Money. They deducted around 600 rupees, and I received about 9400 rupees in my bank account. I was supposed to pay the EMIs for three months and finish off the loan. Similarly, I took a 5800 rupee loan from the Flex Salary application and another loan of 15,000 rupees from Money View for a six month EMI duration. I took the money around January 2020, and then the entire country went into lockdown. Everyone was experiencing financial strains. Businesses shut down, and I faced similar problems, which forced me to delay the repayment of the loan,” Bharat recounts.

https://theprobe.in/economy/loan-apps-harassment-blackmail-and-suicides-amid-regulatory-inaction-4605677