Loan apps scam Pranathi Gangavalli

The Satyam Computer Services scandal brought to light the importance of ethics and its relevance to corporate culture. The fraud committed by the founders of Satyam is a testament to the fact that “the science of conduct” is swayed in large by human greed, ambition, and hunger for power, money, fame, and glory.

People who are looking for instant loans are first asked do download an aggregate app which directs them to other apps. The other apps process the loan request only after collecting their Aadhar and PAN details along the user's portrait. The users are asked to give access for their photo gallery and phone contact list. Once the user give access the loan then get sanctioned immediately and the applicant gets seven days to repay it. If the user failed to repay the loan within seven days they are harassed , accused and levy huge interests and charges. In simple words they are given ₹5000 and are forced to repay ₹50000.