x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Vanishing Verses: The disappearance of Henze, the Kashmiri Pandit women’s wedding chant | Face Your Fears, Not Death | Made in India hospitals: Affordable and innovative | Youth Must Lead Transition | PM Modi meets flood survivors in Himachal | PM Modi to visit J&K, review damage caused by natural calamities | 8 down, 6 to go: Security forces ramp up hunt for dreaded terrorists | CM Omar lays wreath, pays rich tributes to martyred soldiers | Hideout busted at Gudder | Setback to Cong: Opposition MPs support NDA’s Radhakrishnan in Vice Presidential win | CB Jammu registers 3 fraud cases | LG Sinha inspects National Highway restoration work at Udhampur | LG interacts with flood affected families in Jammu | Jammu schools reopen, offline classes deferred amid safety concerns | Land sinks in Poonch, 30 structures damaged | Operate special trains for ferrying essential to Kashmir: CM urges Railway Minister | Dy CM takes on ground assessment of the damage due to flash flood | The Institution of Engineers (India), Jammu Centre celebrates Royal Charter Day | CGPWA organizes health talk on mental issues among senior citizens | PM Modi announces Rs 1,500 Cr immediate relief for disaster-hit Himachal | Agriculture J&K's economic backbone, committed to empower farmers: CM Omar Abdullah | IGNOU conducts centralised Induction for learners of certificate programmes | Anantnag police seize 95 Kgs of contraband in major crackdown | Court convicts man for brother's murder, swards life imprisonment | Drug peddler arrested with heroin at Majalta by Udhampur police | JKPICCA calls on CM Omar Abdullah, raise highway closure issue amid peak fruit season | World Physiotherapy Day celebrated at State Cancer Institute | Mera Yuva Bharat and GDC Surankote host Youth-Led Empowerment Workshop | Dr Kuldeep Kumar Gupta invited at Jaipur in Pro Kabaddi League - 2025 | Dr Kuldeep Kumar Gupta invited at Jaipur in Pro Kabaddi League - 2025 | Congress concerned over worst condition of Klaidhar road | DIET Jammu organizes one-day seminar | IMCT visits Pulwama, holds review meeting on relief, restoration measures | 11th Bhagwat Katha begins | SCERT Jammu organises one-day consultative meet to review, vet research studies | KVK Reasi trains tribal farmers on organic, natural farming | UPES unveils ‘Himalaya Calling 2025’ to champion regional sustainability | Bus Stand Police seizes suspected adulterated sweets, paneer, samples | Blood donation camp organized at GMC Jammu | Syed Mohammad Altaf Bukhari leads delegation to pay condolence visit to party colleague’s residence | BJP holds workshop in Srinagar to Strategise 'Sewa Pakhwada 2025' | Public Intoxication Offenders sentenced to community service under section 355 BNS | Opportunities for J&K youth increading in health sector: Balbir | Swami Vivekananda Medical Mission Charitable Hospital, Ambphalla start Urology service | Relief provided to flood-affected families | SSP Reasi visits flood, landslide affected areas of Mahore | CEO Jammu conducted extensive tour of the schools across four zones | Over 6,600 runners from 31 countries for Ladakh Marathon | Kawa College of Education Secures Prestigious NCTE Approval | Dismal show by Indian shooters on opening day of ISSF World Cup | Jammu Sanskriti School, Jammu shines bright at CBSE Cluster XVIII Athletic Meet 2025–26 with 8-Medal Haul | 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