ISD probes 19 apps in cell phone loan scam

As many as 19 mobile apps have come under the scanner of the Internal Security Division (ISD) for allegedly running a loan racket and levying exorbitant interests on customers. The mobile app firms have been charged under various sections of the IT Act and also under Section 385 of IPC.

The probe was launched after one customer approached the police on Thursday. In his complaint, the client said he had received a message for an instant loan from a mobile phone app in 2018. As he was in need of money, he took up the offer of โ‚น5,000 instant loan. After completing the formalities, he received โ‚น3,500, and was reportedly told that the remaining โ‚น1,500 was deducted towards various processing fees. โ€œThe victim said that he was told to repay the loan within a week, failing which he would have to pay a penalty of โ‚น500 to โ‚น700 as interest per day,โ€ said a police officer.

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