Telangana police caution people on loan app frauds

Hyderabad: With cases of loan app fraud resurfacing, the Telangana police asked the public to be cautious about such apps. In an awareness message the police warned, “Many apps offer loans over the phone. People who are in need will accept by allowing permissions to access their contacts. They (company) will charge a high rate […]

Hyderabad: With cases of loan app fraud resurfacing, the Telangana police asked the public to be cautious about such apps.

In an awareness message the police warned, “Many apps offer loans over the phone. People who are in need will accept by allowing permissions to access their contacts. They (company) will charge a high rate of interest, if any one failed to repay/delay, they start harassment by contacting/ messaging all their contacts.”

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The police also released names of over 100 fake loans apps available on Google play.

The Telangana police in recent months booked several companies who were illegally running the loan app business and arrested many persons who were instrumental in operating the business. A few persons in Telangana had ended their lives after being allegedly victimized by the executives of the loan app companies.

After a brief lull following the arrest of people in connection with some cases booked here, a few loan apps again resurfaced and the police registered a few more cases following complaints from the victims.

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