complaints pour in against loan application extortion | Chennai News
In one case, police said, Chetpet resident Kiran Kumar, who works in a private hotel, borrowed ₹7,000 through OB Cash Loan on January 26. He only received ₹4,060 with the rest deducted from the processing fee, but was asked to repay ₹7,000 within six days. He started paying, but continued to receive calls and messages from “staff” working with the app. When he demanded a break in the money paid, his family and friends were inundated with messages from the ‘company’ declaring him ‘loan default’. He then filed a complaint with the police.
An officer from the cybercrime wing said he had received similar complaints from many other people and called on people to avoid taking out loans through such apps which were neither registered with RBI nor the non-bank finance company (NBFC).
The OB Cash Loan app, which runs on the Android mobile operating system, claims that it has over a lakh downloads and is rated 4.6/5 stars, but the reviews are mixed. Clients Rahul Ingavale and Rinku Mudgil called it terrible, while Shaik Shakeer, who like Praveen Kumar applied for a loan of ₹7,000 but only got ₹4,060 and was asked to pay the full of the amount, said it was the worst loan application he had ever taken. money from.