“This is not an isolated case as we are getting more and more complaints from people, mostly middle class and lower middle class families, about harassment by loan app companies,” said Inspector DS Hake of the Pune Cyber Police. “In the first two months of this year, we received 445 complaint requests against lending application companies, while in 2021 we received 928 such requests and 837 other pleas in 2020,” said he declared.
Hake said: “People who approach us are complaining that call center executives of loan application companies threaten them if IMEs are not paid or after downloading the app people don’t apply for a loan . Many people were left jobless after the outbreak of the pandemic in 2020 and some faced serious financial problems. Meanwhile, many non-banking and other private financial institutions have launched online applications that allow people to apply for small loans, ranging from Rs 5,000 to Rs 50,000, from these institutions while sitting at home. them. The apps also promised hassle-free documentation and lending to the people.”
“The victims did not read the terms and conditions, which are mentioned in smaller print and failed to pay an EMI or two and after that the loan application officers started making vulgar threats and calls. to the victims. The leaders, who carefully studied the victims’ social networking pages, began issuing threats saying that they will post the processed (obscene) images of them on social media sites and tag their friends and family members. on these photographs and demanded payment,” he said.