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Bengaluru: 3 complaints on instant personal loans received by city police

Bengaluru: 3 complaints on instant personal loans received by city police
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Bengaluru: 3 complaints on instant personal loans received by city police

Highlights

The Central Crime Branch (CCB) here on Wednesday confirmed receipt of complaints on illegal app-based instant microloan lending companies operating from Bengaluru as well after similar cases were reported in Hyderabad and other cities in the country.

Bengaluru: The Central Crime Branch (CCB) here on Wednesday confirmed receipt of complaints on illegal app-based instant microloan lending companies operating from Bengaluru as well after similar cases were reported in Hyderabad and other cities in the country.

Sandeep Patil, Joint Commissioner of Police (Crime), said, "As per records, by Wednesday CCB Bengaluru has registered three such cases against online loan apps which provide loans illegally at exorbitant interest rates."

In a major development regarding this issue, the Reserve Bank of India on Wednesday cautioned small businesses and individuals against taking loans through unauthorised digital lending apps. The central bank issued notification following reports with respect to such borrowers "falling prey to growing number of unauthorised digital lending platforms/mobile apps on promises of getting loans in quick and hassle-free manner," it said in a statement.

"We have got complaints that these apps later used threat, force, and intimidation for recovery of the money by also accessing and misusing phone contacts and photos of victims. An investigation is on," Sandeep Patil further added.

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