Scam Exposed: 75 illegal Loan Apps Loot Over 0.1m People

By: Omed Hajjana

Islamabad: It may be shocking to learn that there are 75 illegal loan apps that have looted over 0.1 million people.

The horrific suicide incident of an unemployed man from Rawalpindi revealed the dark side of loan-giving apps in Pakistan.

As many as one lakh masses have faced fraud by unauthorized lending digital applications across Pakistan.SECP warns of ‘All Pakistan Projects’ fraudulent schemes

These loan apps available on Google PlayStore and AppStore, offered short-term micro-credits to borrowers with heavy interest return loans.

According to a list available with NewzTodays, 75 Unregistered/Unauthorized lending apps have been operating without complying with the Security Exchange Commission of Pakistan (SECP) and the Pakistan Telecommuting Authority (PTA).

List of Unauthorized Lending Apps

According to reports, these unregistered loan apps provided millions of rupees in loans to approximately two lakh customers in the last few years.

When contacted with SECP and PTA, they said that we have written letters to Google and other digital platforms for imposing a complete ban on these unregistered lending apps.

Documents revealed that Federal Investigation Agency has received 151234 complaints all over the country.

Earlier, The cyber crime wing of FIA started an investigation against loan-giving apps after an unemployed man committed suicide due to failing to repay interest on a loan he had borrowed from an unregistered app.

According to media reports, a man from Rawalpindi committed suicide after he was purportedly blackmailed by the operators of unauthorized loan giving app.

Sources privy to the development told the NewzTodays that cyber crime wing of FIA arrested nine suspects for allegedly blackmailing people through predatory online loan apps.

Furthermore, 10 Licensed lending apps have done business with approximately 5 million people.