Predatory Lending Apps Claim Victims Across Asia

These schemes first emerged into public view in India but have since spread widely. Experts in multiple countries blame organized crime groups from China, working with local partners, and both technology companies and law enforcement have had trouble stopping them. “Every few weeks, some new app will pop up, people get scammed and then it ultimately gets removed,” says Mukesh Choudhary, founder of CyberVeer Foundation, which has advised Indian law enforcement officials on predatory lending apps. “But it’ll come back up again with a new name, new interface, new photo but same code.”