- The minister says the FIA has seized interest amounting to Rs 1.8 billion.
- He says that cases should be registered against those running such mobile apps.
- He said that the FIA’s capacity in relation to cyber crimes is very limited.
Caretaker Interior Minister Sarfaraz Bugti on Monday said the government has blacklisted 111 online apps offering online interest-based loans.
The minister’s statement came as he concluded discussion on a motion moved by Senator Mushtaq Ahmed regarding the increasing number of apps offering online interest-based loans in the country.
The interim security chief said the cyber wing of the Federal Investigation Agency (FIA) has also seized interest amounting to Rs 1.8 billion.
The FIA has also registered cases against those who were running such mobile apps, he said, adding that their cases were pending in courts of law.
He said that soon after the issue came to light, the government had started taking action against apps that were not registered with the Security Exchange Commission of Pakistan.
However, he said that the FIA’s competence in relation to cyber crimes was very limited, as well as there were some rule-of-law issues.
Earlier, Senator Mushtaq had said that many students and educated people have fallen into the clutches of these apps offering interest-based loans online.
Initially, the apps offered loans at nominal interest to students and unemployed people, but later, they were forced to charge huge interest.
In a growing trend, many scammers are launching “easy loan” applications on Google Playstore and Apple iStore; However, as easy and convenient as loans may seem – given that they do not require extensive paperwork – these applications are proving to be a threat to countless people.