Zerodha's Nithin Kamath Sounds Warning Of Harassment By Shady Loan Apps, Encourages Victims To Report Through Cybercrime Portal Or Helpline
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New Delhi: In a recent social media post, Nithin Kamath, Founder & CEO of Zerodha & Rainmatter, highlighted the alarming rise in suicides caused by the harassment tactics employed by shady and illegal predatory loan apps. Kamath urged victims to take action and provided resources for reporting such incidents. According to Kamath, these loan apps lure borrowers with exorbitant interest rates ranging from 100% to 200%. Additionally, users unknowingly grant access to their personal information, including contacts and photos, upon installing the app. When borrowers fail to repay their loans, they become victims of relentless harassment, as the loan agents start contacting their contacts with abusive calls and morphed lewd pictures. Kamath expressed his disbelief at the extent to which individuals are required to divulge personal information to secure a loan, highlighting the absurdity of borrowing money at interest rates as high as 50-100% per year. He emphasized t...