43 Loan apps blocked in Pakistan after complaints

Authorities have initiated crackdowns on the illegal loan apps following a series of scams and blocked at least 43 applications, Federal Minister for Information Technology (IT) and Telecommunication Amin-ul-Haque confirmed on Monday.

Amin-ul-Haque said in a decisive move to combat fraudulent loan applications, the government initiated a crackdown against illegal loan providers.

In a statement, he said, that Chairman Pakistan Telecommunication Authority (PTA) Major General (r) Hafeezur Rehman directed immediately to take swift action on the illegal loan applications.

Under the orders issued, 43 loan applications had already been blocked, said Amin-ul-Haque. The targeted companies, operating within the lending industry, were registered with the Securities and Exchange Commission, he added.

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Highlighting the severity of the issue, Amin-ul-Haque shed light on the involvement of mafia groups operating through social media platforms, particularly Facebook.

These unscrupulous entities have resorted to blackmailing innocent individuals, exploiting their financial vulnerabilities.

To raise awareness and safeguard the public, a comprehensive public awareness campaign has been launched, the state news agency reported.

The citizens are urged to report any suspicious loan applications or incidents involving the loan mafia groups to the PTA, the Federal Investigation Agency’s (FIA) Cybercrime wing, or their local police stations.

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The collaborative efforts of various law enforcement agencies aimed to address the increasing cybercrime wave in the country.

To ensure effective coordination, the minister has direct contact with the Director-General of FIA, providing regular briefings on the progress of the operation.

Amin emphasized the need for proactive measures, rather than waiting for complaints to accumulate, against those involved in fraudulent loan schemes.

He stressed the importance of protecting the public from financial exploitation and curbing such illegal practices within the lending industry.

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The minister condemned the tactics employed by loan mafia groups, including threats of violence, blackmail, and misuse of personal data.

He reaffirmed that these actions were in clear violation of the law and must be halted immediately.

The citizens are advised to exercise caution when engaging in online financial transactions and refrain from sharing personal information with unknown parties.

The ministry has noted the prevalence of online posts promoting money-making schemes, urging individuals not to respond to such advertisements and avoid sharing sensitive data or money.

The government’s crackdown aims to safeguard the interests of the public and maintain a secure online environment for all citizens.

As the operation progresses, the authorities remain vigilant in their efforts to bring the culprits to justice and protect the citizens from falling victim to fraudulent loan schemes.