3,500 personal loan apps have been removed by Google India due to non-compliance with policies and regulations. Apps were illegally accessing user data, including contacts and photos. Recently, Google updated its personal loans policy to prohibit personal loans apps from accessing sensitive data.
Earlier, Mumbai cyber police arrested 14 people for their involvement in an online loan app fraud that used half a dozen shell companies registered across India to open bank accounts and extort money. This action has been a month after this.
Approximately Rs 350 crore were turned into cryptocurrency before transferring it abroad by the fraudsters. Mumbai police registered 176 loan fraud cases, leading to 70 arrests and 12 chargesheets between 2021 and March 31, 2023.
“In 2022, in India, we introduced additional requirements for developers offering personal loans in India as facilitators on behalf of NBFCs and banks, requiring them to also prominently disclose the names of all their partner NBFCs and banks in the app’s description and provide a live URL to the respective websites of partner NBFCs and banks where they are listed as an official agent, as part of the Personal Loan App Declaration,” Google said.
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Source: Times Of India