ISLAMABAD (Kashmir English): The Securities Exchange Commission of Pakistan (SECP) has banned 141 fake digital loan apps.
As per details, the loan apps were involved in offering interest-free loans to the people on Facebook and other social media platforms on easy installments.
The SECP has said that these apps use the names of large organisations to win people’s trust.
The commission said that these loan apps disappear after receiving money in the name of an advance fee and users personal details.
The SECP has said it is going to file a complaint against the owners of such apps to the Federal Investigation Agency (FIA) and Pakistan Telecommunication Authority (PTA).
It has advised people to verify the genuineness of any platform offering monetary assistance or loans, and not to share their personal details or send money without authentication.
