Crackdown on illegal instant loan apps; 17 arrested from Delhi, Gurgaon, Hyderabad

Cracking down on illegal app-based instant microloan lending companies, Hyderabad police arrested 11 persons from Delhi, Gurgaon and the Cyberabad police arrested six others here. Based on complaints, the Hyderabad and Cyberabad police have registered 16 and 7 cases, respectively, against such companies.

In the past couple of weeks, three persons including a jobless techie and an agriculture extension officer have ended their lives allegedly owing to harassment from representatives of such apps over repayment of loans. Telangana DGP’s office had stated that at least 60 such loan apps available on Google Play Store were not registered or recognised by the Reserve Bank of India as an NBFC and their operations were unlawful.