We’ve seen evidence of scams like this run by various companies all over the world. But in India alone, the BBC has found at least 60 people have killed themselves after being harassed by loan apps.
Most were in their 20s and 30s - a fireman, an award-winning musician, a young mum and dad leaving behind their three- and five-year-old daughters, a grandfather and grandson who got involved in loan apps together. Four were just teenagers.
Most victims are too ashamed to speak about the scam, and the perpetrators have remained, for the most part, anonymous and invisible. After looking for an insider for months, the BBC managed to track down a young man who had worked as a debt recovery agent for call centres working for multiple loan apps.
Now that is some fucked up shit.
Shit like this makes me glad I live in the EU.
Glad to see they at least arrested a few people. I hope India gets better on this.
One lesson here is, don’t install apps you don’t trust and be careful what permissions you give.
Li Xiang talking to an “investor”:
“You need to understand that because we aim to recover our investment quickly, we certainly don’t pay local taxes, and the interest rates we offer violate local laws,” he says.
Then he explained what his company does to recover loans. "If you don’t repay, we may add you on WhatsApp, and on the third day, we will call and message you on WhatsApp at the same time, and call your contacts. Then, on the fourth day, if your contacts don’t pay, we have specific detailed procedures. “We access his call records and capture a lot of his information. Basically, it’s like he’s naked in front of us.”
Same Li Xiang talking to BBC:
When asked for comment, Li Xiang told the BBC that he and his companies comply with all local laws and regulations, have never run predatory loan apps, have ceased collaboration with Jiyaliang, the loan recovery company run by Liang Tian Tian and Parshuram Takve, and do not collect or use customers’ contact information. He said his loan recovery call centres adhere to strict standards and he denied profiting from the suffering of ordinary Indians. Majesty Legal Services deny using customers’ contacts to recover loans. They told us their agents are instructed to avoid abusive or threatening calls, and any violation of the company’s policies results in dismissal.
Take that man behind the barn and shoot him. What a disgusting “business.”
