On a recent Monday, Caretaker Interior Minister Sarfraz Bugti announced a decisive move by the government to blacklist 111 online applications offering interest-based loans. This action followed a discussion initiated by Senator Mushtaq Ahmed, who raised concerns about the rampant presence of such apps across the country.
Minister Bugti emphasized the intervention of the Cyber Wing of the Federal Investigation Agency (FIA), revealing that they had seized approximately Rs 1.8 billion related to transactions involving interest-based loans. He outlined ongoing legal proceedings initiated by the FIA against those responsible for these mobile apps, highlighting the government’s swift response, especially targeting unregistered apps with the Security Exchange Commission (SEC) of Pakistan.
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Despite these measures, Minister Bugti acknowledged the challenges faced by the FIA in handling cyber-crimes, citing limitations in capacity and navigating legal intricacies as major obstacles.
Senator Mushtaq shed light on a disturbing trend where students and educated individuals fell prey to these apps promising easy loans with nominal interest rates, only to subject borrowers to exorbitant charges later. This proliferation of “easy loan” applications on platforms like Google Play and Apple’s App Store has created a widespread issue, trapping numerous individuals in financial snares.
The concern lies not just in the convenience these apps offer by bypassing extensive paperwork but in their exploitation by scammers, affecting countless lives. Despite government efforts, the menace of these apps continues to impact the vulnerable population.
