Desperate times call for desperate measures! This draws unfortunate people to borrow money through online loan apps, only to see their life become a nightmare.
Several people have even committed suicide recently due to harassment from the app company goons.
Muhammad Masood tragically took his own life this week. He was 42 years old. He had borrowed Rs13,000, but because he missed the deadline to repay the loan, the interest grew to a very high amount.
As a result, he owed more than Rs700,000 to two different lenders. The employees of an app had been pressuring and blackmailing him to pay back the money he had borrowed, along with high interest.
What Actions Is FIA Taking?
The Cybercrime Wing of the Federal Investigation Agency (FIA) announced that they had arrested nine individuals on Friday. These suspects were involved in blackmailing people using online loan apps.
The statement revealed that the suspects had a daily target of making approximately 100 to 150 calls. They targeted not only those who used the loan apps but also their friends and families.
The FIA and the Securities and Exchange Commission of Pakistan (SECP) are working together to collect information about illegal loan apps.
Furthermore, the authorities will ask the Pakistan Telecommunication Authority (PTA) to block these illegal loan apps. They will also take action to reduce online advertisements related to these unauthorized apps.
The FIA encouraged people harassed by these loan apps to report their complaints to the Cybercrime Circle.
How to Keep Safe from Online Loan Apps
To stay safe from predatory loan apps, it’s essential to be cautious. Research and choose reputable lending platforms. Read reviews and check if the app is registered with regulatory authorities.
Be wary of apps that ask for excessive personal information. Always read and understand the terms and conditions before accepting any loan.