On Monday, the Caretaker Interior Minister Sarfraz Bugti declared the official blacklisting of 111 online applications offering interest-based loans.
This announcement came as a response to a discussion initiated by Senator Mushtaq Ahmed, focusing on the widespread presence of such apps in the country.
Minister Bugti underscored that the Cyber Wing of the Federal Investigation Agency (FIA) had taken measures to seize Rs 1.8 billion linked to interest-based transactions.
Legal proceedings have been initiated by the FIA against individuals overseeing these mobile apps, and their cases are presently pending resolution in the courts, as per the Minister. He highlighted the government’s prompt response upon the matter’s emergence, particularly focusing on apps that lacked registration with the Security Exchange Commission (SEC) of Pakistan.
The Minister recognized that the FIA faces challenges in dealing with cybercrimes due to limited resources and legal complexities.
Senator Mushtaq highlighted that many students and educated individuals have fallen into the traps of apps offering online loans. These apps initially attract them with low-interest rates but later impose high charges.
A concerning trend is the increase in “easy loan” apps on places like Google Play and the App Store, introduced by scammers. Despite being easy to use and skipping lots of paperwork, these apps have become a problem for many people.
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