Fake Loan Apps Resurface in India: Global Network Under Investigation

In India's rapidly expanding digital economy, instant loan apps promise quick credit but often trap unsuspecting users in harassment and blackmail. A tragic case involved a 27-year-old man in Visakhapatnam who took his own life after loan collectors edited and shared his photos with friends and family, all for borrowing just ₹2,000.

These predatory apps not only offer loans but also harvest sensitive data by demanding access to contacts, call logs, and storage. Victims report continued harassment even after uninstalling the apps, as blackmailers use the personal information obtained. Many of these apps disguise themselves as credit-score checkers or EMI calculators to gain trust through positive ratings and paid reviews.

Global Advertising and Shell Companies Our investigation of over 50 such apps revealed a global financial network. Advertisements for Indian loan apps trace back to Hong Kong-based firms like Oilpainttrees Limited and XMAN Hong Kong Limited, as well as companies registered in the British Virgin Islands. Many apps claim to partner with Indian shell companies that either do not exist or have been inactive for years, with one office found to be a vacant apartment in Delhi.

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