The Karnataka Legislature recently discussed the issue of loan apps in the state, highlighting the rise in online loan scams. These scams involve borrowers being offered quick loans, only to be harassed by loan sharks if they are unable to repay. One tragic case involved Tejas, a student who died by suicide due to the harassment from a loan app company. The police have also arrested individuals involved in crimes related to loan apps. These scams are often run by Chinese companies, who open bank accounts in India and transfer money to China. The Karnataka government has taken some action against these loan apps and has discussed the issue with the Central government and Google. However, more needs to be done to address this problem, including better monitoring and enforcement by local police.
Loan App Dependency Linked to Rising Crimes and Suicides in Karnataka
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