A large percentage of instant loan apps have actually the exact same pc software backend вЂ“ but various frontend branding.
Chinese investors then bring these apps to Asia with proxy directors.
Bhumana Prasad, a resident of Hyderabad, took that loan of Rs 3,500 from вЂMy BankвЂ™ вЂ“ a digital financing software вЂ“ in November 2019. Within per week, he repaid the total amount along side interest, and very quickly, took another micro-loan, of Rs 4,400, through the exact same application. Inside a days that are few nevertheless, Bhumana noticed one thing strange. There clearly was Rs 26,000 deposited inside the SBI bank-account from various sources вЂ“ particularly, 14 different financing apps which he had never ever installed вЂ“ and incredibly soon, them all began harassing him, demanding a repayment totalling Rs 44,000.
Exactly exactly exactly How did these apps вЂlendвЂ™ cash to Bhumana? And exactly why? Police genuinely believe that вЂMy BankвЂ™ shared other apps to his details run by the exact same business вЂ“ Jhia Liang tech in Pune. Read more