New Delhi: Instant loan scam primarily attributed to racketeers of Chinese origin has become a menace off late. Dozens of fraudulent loan apps have made their way to both Play Store and App Store — the popular digital marketplace for software applications.
Earlier, it was reported that massive digital loan frauds are being perpetrated through the App Store of Apple Inc. by racketeers using the name of popular non-banking financial institutions (NBFC), including those functioning in Kerala.
Now, it has been found that Play Store of Google too have many fake and fraudulent applications.
The top 20 Play Store applications in its Finance category that have the most number of users are fake, reveals an inspection carried out in association with Fin Tech expert Babulal Punia.
And four of the first 50 top applications are also fake. Each of these has been installed by at least more than 1 lakh users.
Cash Prosper, the fake app in the name of prominent finance company Bajaj Finance, was launched only 20 days ago; however, its downloads have already crossed 50,000.
The email id of the fraud app using Bajaj Finance’s name is [email protected].
Most of these apps were launched in the months of June and July.
Those who avail loans through these apps land in big trouble. If the loans, including the exorbitant interest rates, are not repaid promptly the agents resort to blackmailing.
The other day Manorama reported over 50 fraudulent loan apps have gotten into the top list on the App Store in the past three weeks. A fake app named “Sun Cash” has been operating through the Apple developer account in the name of Kannatt Fingold Finance Private Limited of Chengannur.
Other findings
- Creditwallet, Easy Loan, AI Credit, Personal Loan, Future Rupee-Credit Loan, and Enjoy Rupee are among the fraudulent apps in the top 50 applications.
- The name, Vivify India Finance has been given with Creditwallet easy loan app which is in the 3rd position. Vivify has confirmed to Manorama that this app is not theirs.
- AI Credit operates under the name of Kailash Auto Finance Limited. This auto finance company’s license was canceled by the RBI two weeks ago.
What to do
As per the rules, recognised digital loan apps must provide the names of the finance company associated with them. Check the official website of the finance enterprise to confirm if the app has not misused its names to defraud clients. It is likely the apps might be unauthorisedly using the names of financial firms. Contact the finance company directly and make an inquiry. The name of the app must be checked on Google also to verify its authenticity.
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