In India, Chinese Loan Apps Rob INR 500 Cr, Trigger Deaths
The Indian Congress party has claimed that Chinese loan apps are responsible for the theft of INR 500 Cr from Indian loan borrowers and the subsequent abandonment of these individuals. According to a PTI report, Congress criticized the Central administration led by PM Modi for lacking a strategy to combat these fake loan applications.
The comment was made after the anti-money laundering agency Enforcement Directorate (ED) disclosed that 365 loan applications and associated NBFCs stole over 800 Cr from native applicants. During the investigation, the ED discovered that fintech loan apps disbursed over INR 4 trillion in credit. Meanwhile, loan applications generated nearly INR 700 billion in processing costs and INR 85 billion in interest and penalties.
The Institute of Chartered Accou...