Pakistan: 43 illegal loan apps blocked, says country’s IT minister

Pakistan federal minister for Information Technology (IT) and Telecommunication Amin-ul-Haque said that over 43 loan apps have been blocked in the country and authorities have taken action against the illegal loan apps following a series of scams, reported ARY News.
To combat fraudulent loan applications, Haque confirmed that the country’s federal government has initiated a crackdown against illegal loan providers. He further said that Chairman of Pakistan Telecommunication Authority (PTA) Major General Hafeezur Rehman was immediately directed to take swift action on the illegal loan applications, according to ARY News.
Under the issued orders, 43 loan applications had already been blocked, said Amin-ul-Haque.
He added, the targeted companies, operating within the lending industry were registered with the Securities and Exchange Commission.
Haque emphasized the gravity of the issue and mentioned the involvement of mafia groups operating through social media platforms, particularly Facebook, reported ARY News.
These unethical entities have blackmailed innocent individuals and exploited their financial vulnerabilities. Following this, a comprehensive public awareness campaign has been launched to raise awareness and safeguard the public, according to the state news agency.
People have been asked to report suspicious loan applications involving the loan mafia groups to the PTA, the Federal Investigation Agency’s (FIA) Cybercrime wing, or their local police stations.
Haque stressed the dire need for proactive measures and not just waiting for the complaints to pile up against those involved in such loan schemes.
The minster further condemned the tactics used by loan mafia groups, including threats of violence, blackmail, and misuse of personal data, ARY News reported.
Moreover, the ministry has noted the prevalence of online posts promoting money-making schemes and has urged individuals not to respond to such advertisements and avoid sharing sensitive data or money, according to ARY News.