Govt launches crackdown against illegal loan applications

Islamabad: Minister for Information Technology and Telecommunication, Amin-ul-Haque on Monday said in a decisive move to combat fraudulent loan applications, the government initiated a crackdown against illegal loan providers .

Amin-ul-Haq said that Chairman Pakistan Telecommunication Authority Hafeezur Rehman directed immediately to take swift action on the illegal loan applications.

Amin-ul-Haqu said under the orders issued, 43 loan applications had already been blocked, the targeted companies, operating within the lending industry, were registered with the Securities and Exchange Commission.

He highlighted  the severity of the issue and shed light on the involvement of mafia groups operating through social media platforms, particularly Facebook.

The Minister said to raise awareness and safeguard the public, a comprehensive public awareness campaign has been launched.

The citizens are urged to report any suspicious loan applications or incidents involving the loan mafia groups to the PTA, the Federal Investigation Agency's Cybercrime wing, or their local police stations.