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India Digital Loan Sharks Face Crackdown as Complaints Mount

  • Digital lending exploded across India during the pandemic
  • Government officials have flagged hundreds of illegal apps
Updated on

When V. Rajapandian was pushed out of his job at a heat treatment plant in India, the reason had nothing to do with performance or falling revenue. Instead, his boss offered a peculiar explanation: After Rajapandian defaulted on a loan from a mobile app, recovery agents demanded the plant pay on his behalf.

“I lost my job because of them,” Rajapandian said of CASHe, the app he used to secure a $132 loan. “I constantly live with the fear that they will track me down and harass me.”