The cybercrime crime of the Federal Investigation Agency (FIA) in Lahore detained three individuals in connection with predatory lending practices of online lending applications (apps), reported the 24NewsHD TV channel.
According to sources, those arrested include Muhammad Sulaiman, Abdul Rahman, and Muhammad Awais who were allegedly using online apps to extort money via blackmail.
The accused used to harass the citizens by making threatening calls from different phone numbers also.
The accused were working through Cash Gain, Wavu Loan, Q Loan, and Quick Money apps. They were providing loans to citizens through In Money, Easy Money, and Zomato loan apps.
The alleged company S Solutions was working as a recovery unit and it used to give details of borrowers to the agents.
These agents used various blackmailing tactics to recover the debt.
Later, citizens were harassed with edited objectionable pictures, and voice calls. The photos were also shared with family and friends in the borrower's contact list.
A case has been registered against the accused under the PICA Act.
According to investigators, the companies did not have the approval of the Securities & Exchange Commission of Pakistan (SECP) required by non-banking finance companies (NBFC).