Fraudsters on Prowl to Scam Indians Using Fake Apps. Here

New Delhi: Despite hundreds of lending apps being banned or removed of late, fraudulent loan applications targeting the middle class and financial unsavvy 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 some unknown persons who were sending her morphed and vulgar photographs to her family, friends and relatives through social media.  She approached the IFSO unit of the special cell and lodged a complaint. Narrating her ordeal, the complainant said she had taken a loan from a Loan App, Cash Advance, which she repaid the same in time. However, after repaying the loan she started getting threat calls and messages on WhatsApp from Cash Advance employees.Also Read – Banking Scams and Frauds: How to Protect Yourself from Online Banking Fraud – Watch Video

Indians Falling Prey to Cyber Frauds

Of late, gullible Indians are everyday falling prey to the small amount of loans that they get through these Chinese-operated fake loan apps that are available on the Play Store. People are being defrauded to the tune of hundreds of crores of rupees everyday.

A similar case came to the Crime Branch of Delhi Police where a man alleged that he and his family, friends and relatives are being abused and also threatened by some unknown persons through some international and national WhatsApp mobile numbers, to repay the loan taken by the same “Cash Advance” application.

In another case, when the police were investigating a cyber fraud of just Rs 6500, it was shocked to learn that the bank account in which the cheated amount was deposited had a daily transaction of Rs 19.43 crores.

How Does Cyber Fraudsters Work?

Speaking to IANS, a senior Delhi Police official asserted that in the past six months several cases of fraud, ultimately connected to Chinese cyber gangs, have come to light.  These high-tech Chinese cyber criminals have devised a new strategy to dupe people and are these days defrauding Indians via fake loan applications. “These lend money instantly to any person downloading these applications for a period of a few days. At the time of downloading the application, the app asks permission to capture, contact list, photo gallery and other personal data of the phone of the loan seeker,” IANS quoted the police official as saying.

  • After taking a loan, some of the total amount is deducted as processing fees
  • If the remaining amount is not paid within the stipulated time the interest and penalties together take the repayment to 200 percent of the loan amount.
  • If the money is not paid, the call centres operating out of neighbouring countries like Nepal, threaten the victims to leak their personal data and make abusive comments to their contacts as while downloading the application it accesses all the contacts, photos and other data in the mobile phone of the victim.
  • Since the money cannot be directly transferred to international or Chinese bank accounts, the fraudsters need Indian bank accounts to take payments.
  • This is where the Chinese scamsters are finding vulnerable, poor and greedy people of the country to help them in getting the Indian bank accounts.

Unregistered digital lending apps vs Registered Lending Apps

Earlier last month, Reserve Bank Governor Shaktikanta Das had said that customers borrowing from unregistered digital lending apps should approach the local police in case of any issue, making it clear that the central bank will only act against entities registered with it. Das said most of the digital lending apps are not registered with the central bank and operate by themselves.

The RBI website has a list of apps that are registered with it on the website, the governor said, adding that the police in many states have acted against the wrongdoers as per the provisions of the law.

RBI Registered Loan App List

App Name Credit Limit
Kreditbee Loan up to 2 Lakhs
Kreditzy Loan up to 2 Lakhs
Paysense Loan up to 5 Lakhs
NAVI Loan up to 5 Lakhs
Lazypay (Credit Line + Personal Loan) Loan up to 1 Lakhs
Freopay (Credit Line) Rs. 10000
Stashfin – (Credit Line + Personal Loan) Loan up to 5 Lakhs
Cashbean Loan up to 1 Lakhs
MI Credit Above 5 Lakhs
Dhani (Credit Line) Loan up to 5 Lakhs
Avail Finance Loan up to Rs. 50000
NIRA Loan up to 2 Lakhs
Branch Loan up to Rs.50,000
Smartcoin Loan up to 2 Lakhs
Rupeek App (Gold Loan) Loan up to 50 Lakhs
Simple Pay Later (Credit Line) Loan up to 1 Lakhs
Mobikwik (Credit Line + Consumer Loan) Loan up to 2 Lakhs
Paytm Personal Loan Loan up to 2 Lakhs
Krazybee (Consumer Loan) Loan up to 2 Lakhs
Bharatpe (Business Loan) Loan up to 5 Lakhs
Paytm Postpaid (Credit Line) Loan up to 1 Lakhs
True Caller Loan up to 5 Lakhs
Simply Cash Loan up to 2 Lakhs
Slice (Credit Line) Loan up to 1 Lakhs
True Balance Up to Rs. 50,000
Zest Money (Consumer Loan) Above 2 Lakhs
Amazon Pay Later Up to Rs. 60,000
Flipkart Pay Later Up to Rs. 60,000
Tata Capital Above 10 Lakhs
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. 10000 to Rs150,000
Paisabazaar credit limit Rs. 50,000 to Rs.10,00,000
imobile 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. 5000 to Rs. 25,000
IBL FINANCE App Rs. 5000 to Rs. 25,000
Early Salary Rs. 8,000 to Rs. 500,000
Money View Rs.10,000 to Rs. 5,00,000
CASHe Rs. 1,000 to Rs. 3,00,000
mPokket Rs.500 to Rs. 30,000
Stashfin – Credit Line & 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
KreditOne Rs.5000 to Rs. 25,000
FlexSalary Instant Loan App Rs.5000 to Rs.25,000
DigiMoney Rs. 5000 to Rs. 25,000
Indialends Rs. 5,00,000
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 apps

  • Never download the app from the lenders’ website and only download from the app store.
  • Most of the illegal Chinese lending apps don’t even list their website. If a company doesn’t have a website, do not download the app.
  • If the Website is listed, visit the website and make sure the Company that owns the app is a legitimate lender registered with the RBI or works with a bank or NBFC registered with RBI.
  • All legal lending companies are required to clearly show the same along with their Company Identification Number (CIN) and details of the Certificate of Registration (CoR) with RBI.

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