These Chinese loan Application rackets are causing suicide

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These Chinese loan Application rackets are causing suicide

Twenty-plus people have killed themselves after using the fast loan app promoted on the Google Play Store. A family of four committed themselves together in one case, as detailed in a suicide note written by the head of the household. The dangers of rapid loan apps cannot be overstated.

The fantastic part is that they actually do provide loans. Look at the Google Play Store, and you’ll see that the ratings are higher than they actually are since they’re offering cash. While providing feedback on the Chinese loan application racket, a pop-up window appeared. And if you evaluate that app favorably, you get paid.

Why do Chinese loan Application rackets give you money

People do not have civil scores if they do not have adequate paper. The bank will not offer any loans in this scenario. So, if a person needs 5 to 10,000 rupees at a time, they begin their search online. These Chinese loan Application rackets will be seen everywhere.

Some apps even provide several applications via which consumers may obtain money from various sources. The procedure is straightforward; simply click on the amount required. The funds will be sent to your bank account within 5 to 10 minutes. You could think this is a positive development.

What is the real problem with the Chinese loan Application racket?

However, the difficulty begins here. They take so much illegal money from you with no laws or restrictions. An individual borrowed Rs 10,000. The filing fee for such money is Rs. 7,250. They charged a hefty interest rate on the money. Other Chinese loan application rackets offer you money in exchange for money from another Chinese loan application racket. And it became a never-ending circle. The loan amount might range from 10,000 to lakhs of rupees.

As a result, these Chinese loan application rackets will go to any length to collect money. Permission. You have come to this Chinese loan application racket becoming a stumbling block for you. Every camera, microphone, and screen recording permission will be theirs. They would be able to access your personal chat, images, and information. They’ll contact you and threaten you.

First and foremost, they will send humiliating texts to all of your connections. This individual will not give you money and will socially degrade you. They sometimes acquire intimate images of you, and even if they don’t, they photoshop your face into any naked body part and threaten you by making it viral.

10 lakh rupees cannot be given by someone who doesn’t even have 10,000 rupees. People grow strong enough to commit suicide as a result of such mental tension and anxiety. This Chinese loan application racket is taking place in Telangana, Delhi, Uttar Pradesh, Rajasthan, Chattisgarh, and several other states.

What Police Disclosed

The police have detained 22 persons in the previous two months who were acting on the orders of Chinese nationals. According to an official, he reportedly diverted Rs 500 crore to China via hawala or by investing in cryptocurrency.

These Chinese loan Application rackets are causing suicide

The complete inventory of apps the authorities have discovered is as follows:

  1. Grow Cash App
  2. pp money app
  3. Rs master app
  4. cash ray app
  5. Mobipocket app
  6. papa money app
  7. infinity cash app
  8. credit mango app
  9. credit marvel app
  10. CB loan app
  11. cash advance app
  12. hdb loan app
  13. cash tree app
  14. Raw Loan App
Under Process
  1. Minute Cash App
  2. cash lite app
  3. cash fish app
  4. HD credit app
  5. Rups Land App
  6. cash room app
  7. Rupee Loan App
  8. Well Credit App

Chinese loan Application rackets linked to an extortion call center based in Lucknow:-

  1. Cache Port
  2. Rupeeway
  3. Loancube
  4. Wow Rupee
  5. Smart Wallet
  6. Giant Wallet
  7. Hi Rupee
  8. SwiftRupee
  9. WalletWin
  10. Fishclub
  11. Hunksho
  12. Imlon
  13. Grotrie
  14. MagicBalance
  15. Yokasho
  16. Fortune Tree
  17. Supercoin
  18. Redmagic

Deputy Commissioner of Police KPS Malhotra stated that the Delhi Police has received hundreds of complaints alleging that Chinese loan application rackets are disbursing loans at excessive interest rates and extorting money using modified nude images even after the loan has been repaid.

  “IFSO took cognizance of this and started analyzing the complaints, during which it was found that more than 100 such apps are involved in loan and extortion Chinese loan Application racket,” 

SBI has provided the following 6 safety recommendations:

  1. Never Download an App Without Verifying Its Authenticity
  2. Do not click on suspicious links.
  3. Stay away from sketchy apps that might be trying to steal your information.
  4. If you want to make sure your data doesn’t get stolen, you should look at the app’s permission settings.
  5. If you find a dubious money lending app, please report it to the police.

Don’t provide any money to payday lending services. You could believe the problem would be solved once you’ve paid them back, but that won’t be the case. Even if you pay them back, they’ll find a way to trick you out of additional cash by claiming, for example, that your payment hasn’t been properly updated or that you owe them extra money for some other irrational reason. When you borrow money from them, they ensure that it will never run out.

These Chinese loan Application rackets are causing suicide

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