x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Doctors - The Unsung Heroes of Healthcare | WHEN RS 10 FEELS EXPENSIVE ON A CART, BUT NOT IN A CAFE | Urdu For Naib Tehsildar Recruitment Test | Yatri Niwas in Srinagar | LG Sinha inaugurates SASB Yatri Niwas at Pantha Chowk | LG launches campaign for zero-waste pilgrimage | 'Amarnath Yatra arrangements upgraded' | Heroin worth Rs. 420 crore seized in Rajasthan; Pak-based smuggler, Canada handler named | Within minutes after formation of PAC, NC mocks Sajad Lone’s new political front as ‘BJP’s B-Team’ | CM Omar calls for revival of buyer-creator relationship at SKICC Meet | Salal Dam gates opened amid rising Chenab Water levels | DGP chairs joint security review meeting in Anantnag, visits key areas | Major reshuffle in ACB J&K | From warzone to homeland: Kashmiri students hail India’s rescue mission with tricolour cheers | Security Forces bolster security with hi-tech gadgets | Token distribution for registration begins | Security Forces conduct joint mock drill | India woman footballer Soumya undergoes surgery after nasal bone fracture | Lack of variety in India's bowling attack is concerning: Chappell | National-level minor boxer alleges sexual harassment by woman coach | | MCM launches workshop on Skill Development, Entrepreneurship | GDC Kathua honours NCC Cadet Mohit Kanathia with grand welcome ceremony | Missing person traced from Pallanwala within 2 days | JKHCBAJ unveiles Portrait of Maharaja Hari Singh ji, inaugurated | Four JKAS Officers transferred In Transport Dept Reshuffle | J&K police arrest 87 in drug crackdown, seize narcotics worth Rs 2.42 Cr | Gross GST collections double in 5 years to record Rs 22.08 trillion in FY25 | Srinagar police attaches residential property worth Rs 50 lakh | SKUAST-K holds workshop in Gurez to promote revival of heritage crops | Reasi police solves two theft cases in Katra, accused arrested, stolen property | Union Minister Piyush Goyal to lead transformative FTII Traders conclave | Congress holds impressive Jai Hind Yatra in Poonch City, salutes armed forces, martyrs | Warm, affectionate farewell accorded to retirees of Agriculture Department Jammu | DC Shopian inspects work of rural development projects at Keller | Former JKNPP leaders, senior workers join Apni Party | Committee on Petitions holds meeting in Srinagar | 6000 students participate in NMMSS examination | Ladakh PM Vishwakarma artisans participate in MSME Day celebration | Vi Business’s ready for next - India’s largest digital advisory celebrates growth on MSME day | Indian Army pays tribute to Ex-Serviceman | Civil Defence, Jammu started 5 days CD training programme | Warm send off accorded to Sardar Dharminder Singh Bhargav Head Pharmacist from DHS-J | JKEDI concludes second batch of MDPs in 10 districts | Handicrafts, Handloom Deptt condoles demise of father of Mussrat Islam | IGNOU launches certificate programme for Nurse Managers to Strengthen Managerial Competencies in Nursing Services | Back Issues  
 
news details
Take urgent action against predatory Chinese lending apps: MHA asks States, UTs
10/30/2022 11:15:14 PM

Agencies

NEW DELHI, Oct 30: The Union Home Ministry, Chinese lending apps, blackmail, harassment has sought urgent strict action by law enforcement agencies against predatory lending apps as harassment, blackmail and harsh recovery practices by such Chinese-controlled entities have led to multiple incidents of suicides.
In a communication to all states and Union territories, the home ministry said the issue has caused a serious impact on national security, economy and citizen safety.
It said a large number of complaints have been reported across India related to illegal digital lending apps that provide short-term loans or microcredits at exorbitant interest rates with processing or hidden charges, especially to vulnerable and low-income group people.
The lenders use the borrowers’ confidential personal data like contacts, location, photos and videos for blackmail and harassment.
“Harsh recovery practices followed by these illegal lending apps have claimed many lives across India. This issue has caused a serious impact on national security, economy and citizen safety,” the communication said.
The home ministry said these illegal lending apps that may not be Regulated Entities (RE) by the Reserve Bank of India are using bulk SMS, digital advertisement, chat messengers and mobile app stores on a massive scale.
The borrower has to provide mandatory access to contacts, location, and phone storage in order to avail loans.
“This data is misused to harass and blackmail the citizens using morphed images and other abusive practices by recovery agents located in India as well as overseas violating RBI’s Fair Practices Code,” the states and UTs were told.
The home ministry said after investigation it has been found that this is an organised cybercrime executed using disposable emails, virtual numbers, mule accounts, shell companies, payment aggregators, API services (account validation, document verification), cloud hosting, cryptocurrency, etc.
Hence, it is advised to involve domain experts during an investigation.
The home ministry said law enforcement agencies can avail the services of the National Cyber Crime Forensic Laboratory (NCFL), one of the verticals of the Indian Cyber Crime Coordination Center (14C), CIS Division for technical assistance on loan app analysis, malware analysis and crypto transaction tracing.
“All states and UTs are requested to take strict legal action in this regard. Further, all states and UTs are also requested to spread mass awareness in all districts against the risks of using such apps,” it said.
A large number of Chinese-controlled loan apps have been found to be indulging in predatory lending in the recent past.
In addition to indulging in unethical operations, these apps utilise loopholes in the regulations and often operate in violation of existing rules and regulations.
Such apps came up during the COVID-19 pandemic as many people across India faced financial hardship and needed funds and these apps lent money for periods ranging from a week to 30 days. These lending apps would charge high-interest rates and processing fees.
Moreover, these apps are often found to be harassing users over the repayment of their dues, leading to reported incidents of dozens of suicides.
The Enforcement Directorate has recently frozen Rs 9.82 crore of Chinese-controlled loan apps parked in merchant IDs with payment gateway companies.
The lending apps are part of an ongoing money laundering investigation against a “Chinese-controlled” investment token app, officials said.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU