‍‍‍‍‍ How A Killer ‘Instant Loan App’ Racket Spread In Asia?

‍‍‍‍‍ How A Killer ‘Instant Loan App’ Racket Spread In Asia?

A large percentage of instant loan apps have actually the exact same pc software backend – 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 ‘My Bank’ – a digital financing software – 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 – particularly, 14 different financing apps which he had never ever installed – and incredibly soon, them all began harassing him, demanding a repayment totalling Rs 44,000.

Exactly exactly exactly How did these apps ‘lend’ cash to Bhumana? And exactly why? Police genuinely believe that ‘My Bank’ shared other apps to his details run by the exact same business – Jhia Liang tech in Pune. Read more