Loan App Racket: 19 Arrested From Hyderabad, Cyberabad, Gurugram; RBI Cautions Borrowers
The mobile apps, which are suspected to be fraudulent, drew high number of users in the lockdown period when scores of Indians were in need of loans, reports said. They are accused of charging an exorbitant rate of interest, and allegedly subjecting the borrowers to abuse and harassment over non-payment of dues.