The Non-Banking Finance Companies have been the talk of the town in duping people when the financial crisis began in 2020. They turned the biggest conmen and a reason for severe mental trauma as they lent money at high interest rates and harassed and defamed people to earn money and profit.
The issue took a weird turn when few people decided to give up their life owing to this trauma. Along with the cybercrime department, the police in the city have filed a charge sheet against more than 23 people belonging to the latest NBFC companies and arresting a Chinese founder of a company living under an alias in the city. The charge sheet was filed at a criminal court in Nampally. The detailed charge sheet explained how many people had to commit suicide due to mental trauma, named the accused from each company, and another request for a probe into the flow of money through these apps is requested as well.
The loan applications have been landing people into trouble as their terms and conditions have been broken many times. Many people get a loan quickly because of the apps being accessible but are unaware of this harassment starting a week after getting their loan. The charge sheet included four other accused Chinese people living in Shanghai, China, and are already enjoying the money they received to date. The police have stepped up measures and are reminding people to have an awareness and conduct a thorough check before falling prey to such apps and preferably avoid if there is a way out of it.