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?
Adani Group is under scrutiny for alleged violations of disclosure norms concerning a US bribery case and the subsequent cancellation of major deals by Kenya. While the conglomerate has denied any involvement in the case, stock exchanges have sought explanations and experts believe that the Securities and Exchange Board of India (SEBI) may launch an investigation. The allegations, which include a criminal indictment and a civil complaint, could have significant consequences for Adani Group's reputation and access to international markets.
Outlandish, an e-commerce startup, is opening a new brick-and-mortar store in Santa Monica's 3rd Street Promenade, featuring a first floor of branded stalls and a second floor for shopping. The store aims to mix live online selling with in-person retail, as visitors can watch influencers and sellers on livestreams and even join in themselves. The concept taps into the growing trend of live shopping in the US, with TikTok itself actively promoting and hosting events centered around live selling. This move by Outlandish is in line with TikTok's efforts to recreate the success of its Chinese sister app, Douyin, which drives billions in annual product sales.
The highly volatile Mad cryptocurrency has seen a massive surge of 67% in the last 24 hours, trading at $0.00006226 as of 02:49 a.m. EST. This sudden spike in price, along with a heavy overbought RSI level of 86, signals a potential correction or pullback in the near future. However, the Mad price has managed to break above both the 50-day and 200-day SMAs, indicating a strong and sustained bullish trend. The ADX value above 60 also confirms the strength of this rally. Stay updated on this exciting development by joining our Telegram channel.
In a note released on Friday, JPMorgan addressed concerns over potential credit risk for Indian banks heavily exposed to the Adani Group, following the recent indictment of its billionaire founder, Gautam Adani, in the US. While the charges have sparked a drop in shares of state-owned banks, JPMorgan analysts have deemed the banks' exposure "manageable," with their assessment showing a low risk of default from the Adani Group. However, global and local banks are expected to take a cautious approach in providing any new funding to the conglomerate, with potential for higher interest rates due to heightened risks.
In a state of the nation address, Kenya's President announced the cancellation of major deals with Indian tycoon Gautam Adani, including an airport expansion project and power transmission lines. This decision was made in light of U.S. bribery and fraud indictments against Adani, who has been charged with securities fraud and conspiracy. The controversial deals had faced backlash from Kenyan protesters and airport workers concerned about potential job losses. Despite claims from Kenya's Energy Minister that no corruption was involved on their part, the country has now severed ties with Adani's conglomerate.
X's new terms of service, which allow the company to use user data and hold users accountable for overusing the platform, are prompting long-time users, including celebrities like Gabrielle Union, to leave the popular microblogging platform. In response, many users are turning to Bluesky, a microblogging startup, with its U.S. mobile app downloads increasing by an estimated 651% since the start of November. Despite X and Meta's larger user bases, Bluesky's growth suggests many users are looking for alternatives to X's new terms.
Zomato’s new “Food Rescue” feature caught the attention of Bengaluru resident Bhanu who offered practical and thoughtful suggestions to CEO Deepinder Goyal. Impressed by his insights, Goyal extended an unexpected job offer to Bhanu, a product manager working for a startup. This positive exchange highlights the importance of hiring talented individuals who offer practical solutions to enhance a company’s operations. Zomato, known for handling over 4,00,000 cancelled orders per month, aims to prevent food wastage with their new feature, which offers discounted meals to customers within a 3km radius of a delivery partner with a cancelled order.
Zerodha co-founder and CEO Nithin Kamath shared a humorous mock obituary for Bank Nifty Weekly contracts on social media. The post, created by one of his old trader friends, announced the "passing" of Bank Nifty Weekly and mentioned its struggles with regulation. The post has since gone viral, with many traders reminiscing about their experiences with this contract.
The Zee Business research team has compiled a list of 20 stocks for investors and traders to track on November 22, 2024. Analysts Kushal Gupta and Ashish Chaturvedi have highlighted their top picks, including buying Orchid Pharma and SJVN shares for immediate profits, and investing in MRF, Radico Khaitan and Afcons Infrastructure for long-term gains. Technical and fundamental picks are also included, making this Traders' Diary a must-read for all stock market enthusiasts.
Billionaire Elon Musk has confirmed that X, formerly known as Twitter, has become the number-one news app on Apple's AppStore in India. Musk acquired X for a whopping $44 billion in October 2022. This news comes after user 'DogeDesigner' shared a post about X's success on the AppStore. Stay updated on the latest Business news, stock market updates, and financial tips through Zee Business's Twitter, Facebook, and YouTube channels.