Retailers call out rampant fraud, press no on easy EMIs for phones

New Delhi: Mobile phone retailers have called for scrapping of the popular financing schemes that allow individuals to purchase products without any down payment, saying 10-12% of all such purchases were fraudulent. These frauds, they said, result in financial losses for retailers, boost grey market sales, and lead to lenders banning stores.

They have also demanded enforcement of open-box deliveries with documentary evidence of handing handsets over to customers along with biometric verification when processing loans to curb misuse.