To crack down on instant loan app networks that have turned into a death trap for borrowers, the Hyderabad police is in contact with the Nepal police in an effort to ‘crush’ the network.
Call centers operating in Nepal have been discovered by the Hyderabad police, who are investigating loan app cases. Moreover, police have managed to track down the executive management that had arranged shelter for those involved in the crime.
It is not uncommon for executives at call centers to socially shame borrowers who are unable to repay their loans. Nepali police also cracked down on illegal loan app call centers targeting Nepalis, Bangladeshis, and Indians.
Large raids in Kathmandu and surrounding districts led to the arrests and seizure of laptops and computers. It is through the proper channels that Hyderabad police will reach their Nepal counterpart and seek assistance in ending such illegal businesses, according to a senior police official who declined to be named.
It is estimated that Nepal and Thailand account for almost 90% of the instant loan app business in Hyderabad. Following the Hyderabad police crackdown, Nepali call centers were found to have local support and full-fledged operations.
Several Nepalese, Chinese, and Indians were hired by the management to make calls and lure customers. Another set of people would call defaulters and abuse or humiliate them to get their loans back. These companies create apps and send random links via SMS or WhatsApp to people who need instant loans. After downloading the app, users are directed to download the app, and money is credited to their accounts after a short documentation process.
The Interest rates of these loans are high, and borrowers who fail to repay the loan are abused and socially shame. So far, The Telangana State police have registered around 100 cases against such loan app companies.
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