Kerala News

CM urges people not to download illegal loan apps

In the House, Chief Minister Pinarayi Vijayan warned that there are many mobile phone frauds to be aware of, and that the number of people applying for loans through online apps is rising. The Chief Minister was responding to Joy’s argument. The need to raise awareness in this area is critical. A large number of people are being deceived on a regular basis.

Many people are taking the stance that they should buy anywhere they can get a loan. Such individuals are readily tricked by the promise of a loan. How does that function? Adv. V. Joey made this observation. In the state, cases of people being duped into taking out loans through online apps have been documented. According to information the police have obtained, the groups operating outside of the jurisdiction of the Reserve Bank and in contravention of the Money Lenders Act are responsible for this.

Small sums are lent for a week once the customer’s personal information is collected, a processing fee of about 30% is assessed, and the customer downloads the money lending apps. When a borrower doesn’t make their payments on time, lending agencies will frequently threaten them and send them disparaging comments to put them under psychological strain.

The police are acting decisively in these fraud cases. To enable efficient investigation and judicial action of cyber-crimes, the state operates 19 cyber police stations. A high-tech inquiry unit made up of professionally trained police personnel is also working at the police headquarters, according to the Chief Minister, to aid in the investigation of incidents of online loan fraud.

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