Organisers of shady loan apps are emerging as a major threat across the country as they look to target vulnerable people from poor and middle-class families by lending them large sums of money in the form of unsecured loans at high rates of interest, according to police officers.
“After the COVID-19 pandemic, the organisers of such apps targeted men from poor families. Now, they are also targeting students and women from low-income groups and poor families and enticing them with easy money,” police said.
Director General of Police K.V. Rajendranath Reddy has appealed to bankers to scrutinise the KYCs strictly, develop market intelligence and flag accounts through which large amounts of money are being transacted regularly.
