A 39-year-old man in Mumbai fell victim to loan sharks after taking a loan from an instant loan app. The scammers obtained his photograph, PAN card, and bank details and threatened to morph and share obscene photos of him and his family with their relatives if he did not pay the fraudulent loan amount. Despite paying the initial amount, the victim continued to receive threats and eventually went to the police, providing details of the loan app and the scammers. A case has been registered against the fraudsters under sections related to extortion and cybercrime.
Loan Sharks Prey on Vulnerable Borrowers with Instant Loan Apps
In a disturbing trend, instant loan apps are being exploited by loan sharks to target vulnerable borrowers. A recent incident in Mumbai serves as a stark reminder of the dangers lurking within these seemingly convenient financial services.
Case Study: A 39-Year-Old Man's Nightmare
A 39-year-old man in Mumbai fell victim to loan sharks after borrowing from an instant loan app. The scammers obtained his personal information, including his photograph, PAN card, and bank details. They then threatened to morph and share obscene photos of him and his family with their relatives if he failed to repay the fraudulently inflated loan amount.
Despite making the initial payment, the victim continued to receive threats. Desperate, he approached the police and filed a complaint against the fraudsters. An investigation has been launched, and charges under sections related to extortion and cybercrime have been registered.
Background: The Growing Menace of Loan Sharks
Loan sharks have been a scourge on society for centuries. They typically target individuals who may have poor credit histories or who are in desperate need of cash. They offer exorbitantly high interest rates and employ aggressive tactics to collect debts, including threats, violence, and illegal activity.
Recent technological advancements have given loan sharks a new platform to exploit vulnerable borrowers. Instant loan apps, which offer quick and easy access to small loans, have become a popular target for these predatory lenders.
Top 5 FAQs Related to Loan Sharks and Instant Loan Apps
Q1: What are the signs of a loan shark operation?
Q2: What should I do if I am targeted by a loan shark?
Q3: What are the risks of using instant loan apps?
Q4: How can I avoid falling victim to loan sharks?
Q5: What can I do if I have already taken a loan from a loan shark?
The Indian stock market saw a huge surge as the BSE Sensex jumped 1,436.30 points to settle at 79,943.71, its biggest single-day gain in over a month. The NSE Nifty also surged by 445.75 points to close at 24,188.65, with financial, auto, and IT shares leading the buying spree. However, Sun Pharma was the only laggard in the Sensex. Meanwhile, India's manufacturing sector witnessed slower growth in December, with the HSBC Purchasing Managers' Index falling to 56.4 from 56.5 in November. Despite this, the country's gross GST collection rose 7.3% from the previous year to Rs 1.77 lakh crore in December, indicating a steady recovery in economic activity.
As the 29th Dhaka International Trade Fair kickstarted in 2025, Chief Adviser Prof Muhammad Yunus emphasized the need for stronger exports by investing in the services sector. He urged the business community to explore opportunities beyond products and enhance Bangladesh's export base. In addition, the CA proposed introducing an "Entrepreneur of the Year" initiative to recognize and promote the individuals behind the country's products, along with the traditional "Product of the Year" model. The government's efforts to showcase Bangladesh's diverse products in the global market were also highlighted.
Formerly known as Grofers, Blinkit, a quick commerce company, was recently acquired by Zomato. In a cheeky social media post, Blinkit's CEO Albinder Dhindsa shared that over 1 lakh packets of condoms and 45,000 bottles of mineral water were being delivered for the New Year's Eve prep. However, standup comic Kunal Kamra raised important questions about the wages of the company's delivery partners. This incident brings attention to the exploitation of gig workers by platform owners in the gig economy.
The Kerala State Beverages Corporation has reported a whopping Rs 108 crore in liquor sales on New Year's Eve, surpassing last year's figures by Rs 13 crore. With the state already relying heavily on alcohol taxes, this increase in sales is expected to significantly boost the state's revenues. The highest sales were recorded at the Ravipuram outlet in Kochi, and with one more quarter left in the fiscal year, it is predicted that this year's liquor sales will surpass the previous year's record of Rs 19,088.68 crore.
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have released their 2025 holiday calendar, with a total of 14 stock exchange holidays scheduled. The first holiday will be on Mahashivratri, followed by a long weekend in March for Holi and Id-Ul-Fitr. In addition, the popular Muhurat Trading will take place in October. Investors are advised to keep checking the official websites for updates on holiday timings.
As we ring in the new year, it's the perfect time to wish for abundance, happiness, and success for our loved ones. Whether it's through text, WhatsApp, or a phone call, sending personalized messages and quotes is a beautiful way to show your care and love. From motivational quotes to funny New Year wishes, make sure to spread positivity and joy on this exciting new journey. Subscribe to Zee Business on YouTube for more business and finance news.
Adani Enterprises has announced the strategic sale of Adani Wilmar Ltd, which is expected to significantly enhance its liquidity and fuel its core infrastructure verticals, including the green H2 ecosystem, airports, data centers and more. The sale is projected to generate a substantial corpus of Rs 50,000-52,000 crore and positively impact Adani portfolio's net debt-to-Ebitda ratio. This transaction marks AEL's first major move since the US Department of Justice indictment in November 2024, showcasing the company's disciplined financial approach and resilience in the face of recent challenges. With a strong war chest in place, AEL is poised to reaffirm its dominance in the infrastructure and consumer services sectors.
Unimech Aerospace, a leading manufacturing company that specializes in complex tools and engineering solutions, made its much-awaited debut in the stock market on Tuesday. With its shares trading at a premium of almost 90 per cent against the issue price, the firm's market entry was met with overwhelming response and investor interest. Despite a slight dip in the share's gains, Unimech Aerospace's maiden issue has been declared a huge success, with its IPO being oversubscribed 175.31 times. The funds raised from the IPO are slated to be utilized towards expanding the firm's production facilities and meeting its working capital needs.
On January 6, 2025, ITC announced the effective date for the demerger of its hotels business, with the shares of ITC Ltd turning ex-date for this demerger. Eligible shareholders will be allotted one ITC Hotels share for every 10 ITC shares held, with the demerger ratio set at 1:10. The ITC Hotels share price is expected to be adjusted by Rs. 22-25, taking into account a 20% holding discount and a 40% stake in the hotel business. Nuvama predicts that the initial market price for ITC Hotels shares will range between Rs. 150-175. After its initial listing, ITC Hotels will be included in Nifty50 and Sensex indices, but will then be removed at its last traded price three days after listing.
Barcelona can breathe a sigh of relief as they have found a solution to their registration problem for Dani Olmo and Pau Victor. The club's president, Joan Laporta, has been successful in securing a €100 million deal with Arab enterprises to operate the VIP boxes at the new Spotify Camp Nou. This agreement not only allows for the registration of the two players but also ensures that the club can confidently participate in the transfer market.