Beware of Chinese Loan Apps Fraud: In case of sudden need of money, taking loan from loan apps can sometimes prove to be quite harmful. Especially for those taking loans from Chinese loan apps, this step can become a cause of huge trouble. This is the reason why the Government of India and the Reserve Bank of India (RBI) keep taking steps against Chinese apps from time to time. Still, many fraudulent Chinese loan apps are engaged in cheating people in some way or the other. There is news that the Indian government may take some strict steps very soon to control these Chinese apps. A recent report also shows how important it is to take action against Chinese loan apps.
Borrowers are harassed by Chinese loan apps
In a detailed report released some time ago by Investigative Journalism Reportika (IJ-Reportika), it has been told that 86.67 percent of the people taking loans from Chinese loan apps have to face harassment. This includes criminal activities ranging from intimidation to making victims of loan fraud and blackmailing. According to the report of IJ-Reportika, about 2 percent of the people he spoke to were those whose acquaintances had tried to commit suicide because of taking loans from Chinese loan-apps. According to the report of IJ-Reportika, during the last one year, these fake Chinese loan apps in India have embezzled crores of rupees through about 70 illegal Android apps.
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Fake apps can also cause financial fraud and blackmailing
During its survey, Investigative Journalism Reportica has talked to about 1 lakh people between 25 to 40 years of age living in major cities of India like Delhi, Mumbai, Kolkata, Chennai and Ahmedabad through online and offline methods. The information revealed in this survey highlights the very dangerous aspects of Chinese loan apps. For example, this survey shows that those who fall into the clutches of Chinese loan apps face incidents ranging from abuse and assault to blackmailing by using morphed photographs or making fake obscene videos with the help of AI. They even sell users' personal data on other dubious platforms and dark-web. Investigative Journalism Reportika also found that Chinese loan apps use 22 suspicious payment gateways to avoid being noticed by authorities during their transactions. The report also states that Chinese loan apps are not only in India. Rather, they are trying to cheat people of many countries.
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Apps are spread in other ways after being removed from Play Store
According to the report of IJ-Reportica, cases have also been registered against many Chinese loan apps in India on such allegations. Many of these apps have been removed from Google Playstore and Apple App Store after being banned by the Government of India. Action is also taken against such fraud apps by Google and Apple. But there are many unregulated platforms that host and distribute dubious Chinese apps. Apart from this, they are also distributed through direct sharing. In this way they succeed in trapping innocent people in their clutches. In such a situation, the only protection is vigilance. The more you stay away from these fake Chinese loan apps, the safer and happier you will be.
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Stay away from Chinese loan apps at all costs
Obviously, no matter how much money is needed, one should not, under any circumstances, try to take a loan from such Chinese loan apps. Loan should always be taken from an Indian bank or NBFC, which comes under the supervision of RBI. Before taking any loan, it is important to get complete information about the bank or finance company. Do not share your personal documents and details on any app in the name of KYC. Do not even download dubious Chinese loan apps on your phone that promise instant loans at low interest, because through these apps you can become a victim of financial fraud or blackmailing by breaking into your phone.