Caretaker Interior Minister Sarfraz Bugti announced that the Pakistani government has blacklisted 111 online apps offering interest-based loans. The decision comes amid concerns about the proliferation of such apps in the country. The Cyber Wing of the Federal Investigation Agency (FIA) has confiscated Rs 1.8 billion and registered cases against individuals running these mobile apps. The cases are currently pending in courts of law.
The government’s actions were initiated in response to the emergence of unregistered apps that were not compliant with the Security Exchange Commission of Pakistan. The FIA’s capacity in dealing with cyber-crimes is acknowledged to be limited, and there are legal challenges associated with addressing these issues.
Senator Mushtaq Ahmed raised concerns about students and educated individuals falling victim to these apps, initially offering loans with nominal interest but later imposing hefty charges. The trend of scammers launching "easy loan” applications on platforms like Google Playstore and Apple iStore has become a growing issue, posing risks to numerous individuals who may be lured by the apparent ease of access to loans without extensive paperwork.
