The Securities and Exchange Commission of Pakistan (SECP) has taken decisive action against 120 personal loan apps involved in fraudulent activities targeting the public.
Following numerous citizen complaints regarding these apps, the SECP uncovered their exploitative practices, including imposing exorbitant interest rates and engaging in other illicit activities. Collaborating closely with Google and the Pakistan Telecommunication Authority (PTA), the SECP successfully removed these apps from their respective platforms.
Consequently, legal action has been initiated against the owners of these apps for electronic crime.
The SECP strongly advises the public to exercise caution when dealing with loan apps and to exclusively opt for borrowing from licensed and regulated companies.
Furthermore, the SECP commits to maintaining vigilant oversight of the market to identify and take appropriate measures against any unscrupulous loan apps that violate regulations.
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