India is changing, and with it, the mindsets, practices, norms, and habits are

changing as well. For instance, taking a loan is no longer a taboo today. Young
Indians have been taking loans for various purposes – like studying overseas,
financing a holiday, renovating their house, buying a car, and even for their
wedding! To meet this growing demand, many organizations have started offering
funds to fuel the dreams of today’s ambitious population.

Money lending apps in India have slowly become popular owing to the many
benefits they offer – customized loans, low-interest rates, online credit cards, the
simple application process, and 24X7 tracking. Today, multiple instant loan apps
in India 2020 offer a fast, paperless, and hassle-free way of getting quick access to
funds to achieve a dream or during a financial emergency.some of the loan app
include

 PaySense
 CASHe
 Dhani
 Early Salary

 Nira

Instant loans without any official documentation might sound like a boon to some.
But what would you do when the lenders turn out to be fraud?
Multiple such incidents have been reported from across the country in the past few
days.

The money lending scam came to light when the Hyderabad police froze 75 bank
accounts holding Rs 423 crore. The scams were conducted via 30 mobile apps,
none of which were approved by the Reserve Bank of India (RBI).

A preliminary investigation into these financial transactions revealed that about

1.4 crore transactions worth nearly Rs 21,000 crore have taken place so far.

The matter is being probed by the Enforcement Directorate (ED). Many people --
including some Chinese nationals have been arrested in multiple such cases, in
Hyderabad, Bengaluru, Gurugram and Chennai.