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Mumbai: Loan app scammers back in action

Updated on: 10 October,2022 11:59 AM IST  |  Mumbai
Diwakar Sharma | diwakar.sharma@mid-day.com

They’re going after past victims; Thane man gets money from app he hadn’t even heard about

Mumbai: Loan app scammers back in action

Representative image. Pic/Istock

Loan app scammers have struck again, with a new technique of extorting money from past victims. A Thane resident, whom the recovery agents badgered into repaying an already-repaid loan in June with relentless blackmailing, received money, which he said was from ‘Instant Salary’, an app he never downloaded. Experts told mid-day the racketeers could have extracted the personal data of people who borrowed money via their other apps before.


According to the details on Google Play Store, Superior Finlease Limited is operating the Instant Salary app, which has multiple reviews flagging fraud. The 36-year-old Thane resident, who is in the tailoring business, first faced harassment by the recovery agents and was blackmailed after taking a loan in June, which he immediately cleared.


“My personal data including mobile number, phonebook details, PAN card, Aadhaar card and bank account number was compromised in the past. On September 29, a mobile loan app, Instant Salary, sent me an SMS on my mobile number,” he told mid-day. The message read, ‘It is a matter of regret if you decide to give up this money. But, Rs 300 off is already credited to your account and automatically reduced when you apply for the loan. Hope you like this’. It also had a link, the victim said and shared a screenshot of the text with mid-day.


The reviews on Instant Salary app flagging the scam
The reviews on Instant Salary app flagging the scam

“The text message was shocking, so I quickly searched the app on Google Play Store and found a lot of negative reviews about it, flagging fraud,” he said, adding, “I then received a call from an international number and the caller told me that my loan repayment is pending. I immediately disconnected the call, as I knew it was a fraud.”

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Rs 18,000 credited

Next morning, he woke up to find his bank account credited with R18,000, on behalf of ‘New Maa Annapurna Garments’. “This was alarming. I had not applied for any loan and never downloaded the Instant Salary app on my mobile. I fear that my data has been circulated among all the fraudsters and they have started crediting my bank account,” he said. The man approached the bank to ask whether the money can be sent back, “but the banker told me that it is not possible as the money was transferred through NEFT”.

“I came home and sent an email to the bank’s customer care, saying ‘This is a fraudulent activity. I have not requested this money. This company is related to extortion on the Play Store. It is linked to an app called Instant Salary available on the Play Store. They are crediting money without consent and then asking for double repayment. Please look into your bank and this particular account.’ However, the bank has not taken any action yet,” he said.The man then visited the local police station in Thane, “but instead of filing an FIR, an officer at Kalwa cyber cell told me to close my bank account and change my mobile number, as my personal data has already been compromised and can be misused,” he added.

Having gone through the harassment before, the businessman transferred all his money to another bank account and closed the one where the money was sent. “I don’t want any mess, so I had to close my bank account. Also, I deactivated my mobile number that I had been using for the past 10 years and which was with my relatives, friends and clients. This is hampering my business now,” he said.

He's still at risk?

Cyber expert Ritesh Bhatia said, “One fraudster had created multiple instant loan apps, for instance, A, B, C... Suppose you downloaded app A, then your data was compromised. You faced harassment from the recovery agent and cleared the loan.”

“Since the fraudsters cannot install app B and C in your handset physically, but they can surely misuse the data, which they had extracted when you downloaded their app A, they will now credit your bank account so that a bigger amount can be extorted,” said Bhatia. “In this case, what the victim did is right. But the fraudsters will surely contact the numbers available in his phonebook and retrieve his new mobile number by applying pressure tactics,” he added. The police declined to comment on Kalwa cyber cell officer’s suggestion to the victim instead of filing an FIR in the matter. A senior police officer in Maharashtra cyber cell said, “We are working on war footing to stop this menace, but the fraudsters are operating from different countries and we are finding it difficult to break the multi-national chains. But what the victim has done is correct at this point.”

29 Sept
Day the man got a text message from Instant Salary

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