Profiting from post-pandemic financial distress

The post-pandemic days have been helpful for many online loan app companies as financial difficulties due to loss of jobs, businesses and income have forced many people to seek financial support to overcome crisis.

Lenders, operating through online applications, offered loans simply by collecting Aadhaar and phone numbers. However, in many cases they called customers within days and demanded refunds, a police officer said.

“The organizers of the app, who operate from Delhi and some northern states, speak in Hindi. They use unparliamentary language and insult borrowers, family members and friends, whose phone numbers are collected from from the contact lists of social networks”, denounces a victim.

“We don’t know that my brother took out a loan through an app. The app company employees called us around midnight and talked abusively. We were afraid to answer the calls,” laments a woman from the East Godavari district.

“Taking advantage of the problem of unemployment, the closure of certain industries and establishments due to losses, some gangs are exploiting online loan applications offering small loans to people and harassing them to get reimbursed,” laments another. policeman.

Unable to bear the harassment inflicted by a loan application, Kona Satish, 26, allegedly committed suicide by lying on the railway tracks at Bhimavaram in West Godavari district a few days ago.

Originally from Kadiyam in East Godavari district, Satish worked in a private company in Bhimavaram.

“Satish resorted to suicide in Srungavruksham village by lying down on the tracks of Bhimavaram-Narsapuram section on June 25,” said Railway Police Inspector Bhimavaram, S. Bhaskar. The Hindu.

The victim’s father, K. Srinivas, says they are not aware of any loans taken by Satish through an app. After his death, the app’s organizers send messages and make calls demanding a refund. “They sent insulting messages to my son’s friends and family,” he adds.

The family members filed a complaint with the Kadiyam police.

In some cases, loan application gangs harass customers after loan repayment on the pretext that a partial amount and interest are owed, victims allege.

People with suicidal tendencies can ‘dial 100’ for help.

Sarah J. Greer