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‍‍‍‍‍ How The Killer ‘Instant Loan App’ Racket Spread In Asia?

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‍‍‍‍‍ How The Killer ‘Instant Loan App’ Racket Spread In Asia?

A large percentage of instant loan apps have actually the software that is same – but various frontend branding.

Chinese investors then bring these apps to Asia with proxy directors.

Bhumana Prasad, a resident of Hyderabad, took financing of Rs 3,500 from ‘My Bank’ – a lending that is digital – in November 2019. Within per week, he repaid the total amount along with interest, and very quickly, took another micro-loan, of Rs 4,400, through the exact same software. Inside a days that are few nevertheless, Bhumana noticed one thing strange. There was clearly Rs 26,000 deposited in his SBI bank-account from various sources – particularly, 14 different financing apps which he had never ever installed – and incredibly quickly, them all began harassing him, demanding a repayment totalling Rs 44,000.

just How did these apps ‘lend’ cash to Bhumana? and exactly why?

Usman‍‍‍‍‍ How The Killer ‘Instant Loan App’ Racket Spread In Asia?
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