Operation Hafta Vasooli: Cyberlaw expert Virag Gupta decodes ways to tackle frauds related to Instant loan apps

Operation Hafta Vasooli: In conversation with Zee Business news anchor Deepak Dobhal, cyber law expert Virag Gupta said that there are 5 ways to get rid of instant loan application scams. It can be done in 5 stages: one is the understanding of the problem; other stages include test, law, decision and implementation.

Gupta said the first step was to understand the problem. It’s abundantly clear that instant loan application fraud isn’t just a problem, it’s an epidemic, he said. Fraud call centers and fraud companies are proof of this.

The cyber law expert said that in the recent meeting of the Finance Ministry, it has become clear that the laws and orders of NBFCs or RBI or banks are correct. Also, the decision and actions are duly taken by the government against this fraud. But according to him, the problem is in the 5th stage.

For more details, watch the full video here:

Repeating himself, Gupta said that only Apple and Google Play Store apps that comply with all government laws and regulations should be allowed. He said all other apps should be banned. And this work will be done only under the IT ministry.

Cyber ​​law expert Gupta said there is no need to enact a new law for this instant loan application fraud. According to him, awareness is spreading but we need to understand 2-3 things. There are applications that strictly follow the norms of NBFCs and have been placed in one category. But there are also other applications that do not follow the rules and regulations. He said these apps should be removed as soon as possible.

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