Chennai Police caution people about online loan fraud

‘Around 60 online applications in Google Play Store are not registered or recognised by Reserve Bank of India (RBI)’

The Greater Chennai City Police has issued an advisory on online loan fraud done through unauthorised apps.

There are around 60 online applications in Google Play Store which are not registered or recognised by Reserve Bank of India (RBI) as non-banking financial company(NBFC). Their operations are unauthorized, the advisory said.

The Apps have privacy policies to gather every bit of data available on a user’s phone. Thus they are violating user’s privacy and use it against them.

“Do not give personal details to such unregistered and unregulated Apps. As the phone contacts, photos, camera and phone memory will be compromised by these online money lenders to unknown. Public should be cautious,” said the police.

“If you or people close to you receive any abusive, threatening and harassment calls, prefer a police complaint immediately. The names of the grievance redressal officer along with contact details provided by these Apps are fictitious. Public should verify the RBI website about the genuineness of an NBFC,” the advisory said.

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