Victims lured by illusion of easy money in loan scam in India: ‘I made debt in 33 applications’

  • Priti Gupta and Ben Morris
  • From BBC News in Mumbai

Indian Rupee Banknotes

Credit, Getty Images

photo caption,

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When Raj took out a $110 loan last March, he thought he would quickly sort out his financial problems. But it wasn’t.

The man, who lives in the Indian city of Pune in the state of Maharashtra, is one of hundreds of victims of the internet lending scam, which is growing in the country.

Like many people, Raj (not his real name) was attracted to the speed and ease of credit approval – all he had to do was download an app on his phone and provide a copy of his ID card.

He even received some money, but only half of the requested amount. And, three days later, the alleged company began to demand that he pay three times the amount borrowed.

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