Unregulated loan apps deceive blue-collar workers with real transfer of decoy funds
NEW DELHI: A network of unregulated mobile loan applications promising instant cash, several of them running from beyond borders, are targeting the blue-collar workforce and trapping daily-wage earners in cycles of debt and extortion.
A TMS investigation, involving direct interaction with individuals operating two such applications, found operators claiming to work from Pakistan, Bangladesh and a “cyber city” in Thailand. These apps sit comfortably on the Google Play Store. They disappear when regulators catch up, but resurface under a new identity offering the same services.
