Mobile phone 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 without down payments saying 10-12% of all such purchases were fraudulent, resulting in financial losses, boosting grey market sales, and retailers being banned by non-banking financial companies (NBFCs).

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 in a bid to curb misuse.