FIA ‘blacklists’ more than 100 apps offering loans. Caretaker Interior Minister Sarfraz Bugti announced on Monday the blacklisting of 111 online applications that provided interest-based loans.
The decision follows a motion initiated by Senator Mushtaq Ahmed, who expressed concerns about the rampant growth of such apps in the country.
Bugti revealed that the Federal Investigation Agency’s (FIA) Cyber Wing has taken decisive action, seizing a substantial amount of Rs 1.8 billion linked to interest-related transactions.
Cases have been filed against those responsible for operating these mobile apps, with legal proceedings currently underway.
The minister emphasized that the government swiftly initiated measures against apps not registered with the Security Exchange Commission of Pakistan upon discovering the issue.
However, he acknowledged the FIA’s constrained capacity in handling cyber-crimes and pointed out existing legal challenges.
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Senator Mushtaq Ahmed highlighted the adverse effects of these apps on students and educated individuals who found themselves ensnared by online interest-based loans.
Initially luring users with nominal interest rates, these apps later imposed exorbitant interest payments.
The proliferation of “easy loan” applications on major platforms like Google Playstore and Apple iStore has become a growing concern.
As FIA ‘blacklists’ more than 100 apps offering loans, despite their apparent convenience, these apps, often launched by scammers, pose a significant threat to numerous individuals, prompting governmental action.
