Two ‘Instant mobile loans’ app firm officials held for harassing customers

Karnataka Police’s CID on Thursday arrested two prominent officials, including the Chief Finance Officer, of a “instant mobile loan app” company who were allegedly harassing their customers over non-payment of loans.

According to the CID, they raided four companies – Mad Elephant Technologies Private Ltd, Borayanxy Technologies Private Ltd, Profitise Private Ltd and Wizzpro Solutions Private Ltd after they received complaints of “harassment” from customers who were charged a whopping 36 per cent interest on hand loan amounting Rs 9,000 to Rs 15,000 for a period of a week or two weeks.

The CID said that they have seized laptops, mobile phones and other documents from these companies.

Significantly, all these apps appear to be built on one software development kit, which is suspected to be sourced from China.

Read More: https://www.bhaskarlive.in/two-instant-mobile-loans-app-firm-officials-held-for-harassing-customers/