Major action has been taken on loan apps in Pakistan. Pakistani authorities have taken this action after a person committed suicide due to loan app debt. During the operation, 20 people have been arrested and around 50 illegal loan-giving apps have been blocked. Let us tell you that recently in India too, the whole family had committed suicide after being troubled by the loan app.
50 apps banned
The Federal Investigation Agency (FIA) has arrested 20 people involved in the illegal business of lending loans through mobile applications, an FIA spokesperson said on Wednesday. It has also sealed the offices of six companies involved in this illegal activity. Pakistan Telecommunication Authority (PTA) has banned around 50 illegal loan apps that are not registered with SECP.
Distressed by debt, a person committed suicide
According to a PTI report, a man named Masood committed suicide after being blackmailed by the recovery staff of a loan service in Rawalpindi district of Punjab province, about 350 km from Lahore. The FIA launched a probe against the online loan app earlier this week after the man committed suicide.
The wife of the deceased says that her husband had taken a loan from an online loan app and was being charged more for not paying within the given time limit. To repay the first payment, Masood took another loan and the amount increased to Rs 700,000, he said. He then committed suicide and narrated his ordeal in audio clips that surfaced online, following which the authorities swung into action.
(pc amarujala)
