DIGITAL LOAN MONSTERS

Good news is in the air. India is celebrating arrival of immunizations against deadly corona virus.

- Shivanand Pandit

However, there is another bug from India's northern neighbor that may create havoc if not killed by the judicial medicine. Yes, it is digital loan microbe.

Five suicides within a span of seven days in Telangana supposedly connected to persecution by app-based unlawful loan swindlers and bountiful moneylenders have elevated worries about governing breaches being misused by online fraudsters. Instant digital loan app scam got murkier when Telangana police force identified around 1,4000,000 dealings worth Rs. 21,000 crore and detained a Chinese national in correlation with app-based loan deception. According to the police department huge transactions have taken place during the last six months and executed over payment gateways and bank accounts linked to these companies and a large number of international transactions have also occurred through bitcoins.

The suspected, Zhu Wei alias Lambo was in charge of operations for many instant loan app entities such as Aglow Technologies Private Limited, Liufang Technologies Private Limited, Nabloom Technologies Private Limited and Pinprint Technologies Private Limited. The matter being examined by the Telangana police and they are investigating more than a dozen payday loaning apps such as Loan Gram, Super Cash and Mint Cash. As per police sources, there are more than 72 apps which are offering loans online without appropriate authorizations from Reserve Bank of India and obligatory linkups with banks and registered NBFCs.