A big percentage of instant loan apps have actually the exact same computer software backend – but various frontend branding.
Chinese investors then bring these apps to Asia with proxy directors.
Bhumana Prasad, a resident of Hyderabad, took financing of Rs 3,500 from вЂMy Bank’ – a digital financing software – in November 2019. Within per week, he repaid the total amount along side interest, and quickly, took another micro-loan, of Rs 4,400, through the exact same application. In just a couple of days, nevertheless, Bhumana noticed one thing strange. There was clearly Rs 26,000 deposited inside the SBI bank-account from various sources – particularly, 14 different financing apps he had never ever installed – and extremely quickly, them all started harassing him, demanding a repayment totalling Rs 44,000.
Exactly exactly How did these apps вЂlend’ cash to Bhumana? and exactly why? Police think that вЂMy Bank’ shared other apps to his details run by the exact same company – Jhia Liang tech in Pune. Continue reading “‍‍‍‍‍ How The Killer вЂInstant Loan App’ Racket Spread In Asia?”