Investigation: As Soon As One Fake Loan App Is Removed, Another Pops Up, Advertisements Traced To Hong Kong
Fake loan apps steal your data, photos, and contacts to blackmail you. In our investigation, we examined over 50 such apps. Some are advertised by companies in Hong Kong, while others are advertised by companies in the British Virgin Islands. In this report, let’s learn how to identify these apps and what to do if they are downloaded.
- By: Sharad Prakash Asthana
- Published: Sep 29, 2025 at 02:57 PM
New Delhi (Sharad Prakash Asthana/Pragya Shukla). “I have been cheated by an app. My contact data has been transferred to them, and they are sending such edited photos to my family members that they are making me want to commit suicide.” Vishvas News received such an email.
Fake loan apps are a growing problem, preying on people’s financial vulnerabilities. The story of a 27-year-old from Visakhapatnam who committed suicide after being harassed by a loan app is a tragic example. He had taken a small loan of just ₹2,000, which he had already repaid. However, the app’s agents morphed his photos and sent them to his friends, leading him to take his own life. Unfortunately, this isn’t an isolated case. Many people fall into this trap, often with devastating consequences.
It is not that this is the story of only one or two people. There are many victims who fall into the trap of these fake loan apps and end up in this situation. We spoke to two victims who have fallen prey to similar scams and investigated some such apps.
Personal experience
Victim 1
Rahul Suthar, Pratapgarh, Rajasthan
Rahul downloaded the Timely Purse Loan App after seeing an ad on Instagram. He provided his mobile number, PAN card, Aadhar card, and photo but never received a loan. A week later, he started getting calls demanding loan repayment. When he asked for a loan ID, the caller threatened to edit his photos and send them to his contacts, accusing him of fraud. Despite not having received any money, the caller continued to harass him. Rahul had the foresight to warn his contacts beforehand, which helped, but the harassment persisted. He reported the incident to the police by calling 1930.
Victim 2
Kirti Dubey, Gorakhpur
Kirti, a teacher, saw an ad for the Score Climb app on YouTube. The app promised financial management advice. After downloading it, she was prompted to check her “credit score,” which the app displayed as Rs 3,000. It then requested her PAN card and a selfie. The app subsequently crashed, but a few days later, Rs700 was credited to her account from an unknown source. Shortly after, she began receiving threatening messages on WhatsApp from numbers with a Pakistan (+92) prefix. The fraudsters sent her morphed photos to her contacts, including her parents. Kirti filed a police complaint and posted a warning about the fraud on her WhatsApp status, which ultimately made the messages stop.
Fake apps
Rahul downloaded a loan app called ‘Timely Purse’, while Kirti had installed the ‘ScoreClimb-Credit Growth’ app. Both of them received threatening calls from numbers in Pakistan (+92). Our investigation into the apps mentioned by the victims and others revealed a disturbing pattern of fraudulent activity.
1. Timely Purse Loan App
This app is not available on the Google Play Store. This is a third-party app. When we searched on Google, we could not find significant information about it.
While downloading the ‘Timely Purse’, it requires information, such as permission to access contacts, call logs, camera device, SMS, location, external storage, and phone calls.
By giving access to these, the cyber criminal can trace the user’s location. Along with this, he also gets access to important documents and files, contacts, and call history. All the user’s data goes to the fraudster.
2. ScoreClimb – Credit Growth app
Calling this app a fraud, a user reported on Google support on April 6 2025 to remove it. Along with this, the user had attached a screenshot of this app. In this, many other users had called this app a fraud. Currently, this app has been removed from the Google Play Store. In the screenshot of the app, the name of its developer is given as BETA FINANCE AND TRADING PRIVATE LIMITED.
In the search we did not find any website of Beta Finance and Trading Private Limited, but its office address is given as Mathura Road, Delhi.
The name of Beta Finance and Trading Private Limited is also included in the list of Non-Banking Financial Corporations (NBFCs) issued by RBI on December 31, 2024. However, its address is given as Tolstoy Marg, New Delhi.
We visited both locations and enquired about their offices. The Mathura Road address is the house of the company’s MD, Harish Seth, while the Rohit House address is the office of some other company. Harish Seth’s PA, Ashok Agarwal, stated that he has no connection with any app and his company has been inactive for about 10 years.
3. Loan Raina-instant loan
Apart from these, we also searched for some other similar fraud apps. One such app, Loan Raina, an instant loan app, has also been reported as a fraud.
It is not on the Google Play Store. It has also been deleted from the Apple store.
Its developer company, RAINA VYAPAAR PRIVATE LIMITED, is registered as an NBFC.
The address given on the website of RAINA VYAPAAR PRIVATE LIMITED is in West Bengal. When I called the number given, the call was not connected.
4. Finwessy App
Finwessy App has also been removed from the Google Play Store.
Although a website has been created, no address or phone number is mentioned.
5. Scorelytics – Credit Assistant
This app has also been removed from the Google Play Store. Upon searching, it was found to be registered under the name EK JOY INTERNATIONAL COMPANY LIMITED, with its listed address in Thailand. This company also had another app called creditrack credit assistant, which was removed from the Google Play Store. The first app was released on February 12, 2025, while the second was released on June 4, 2025.
Advertisements from Hong Kong
When we searched the Google Play Store on August 12, 2025, using the keyword ‘instant loan app’, the name LoanRadar-Cash Loan India appeared among the top 3 results. The name of its developer company is given as NITI TECHNOLOGY LLP and the address is Delhi. The name of its NBFC partner is DOS Lease & Finance Pvt. Ltd. Interestingly, the advertisement for this app was issued by a Hong Kong-based company, Oilpainttrees Limited.
In reviews of the app, some users have talked about blackmail and threats through it.
Similarly, on July 21, 2025, when we searched the Google Play Store using the keyword ‘instant loan app’, advertisements for Credit Hisab and Pawram Loan Flex- Instant Loan apps appeared among the top 3 results.
The developer of the Pawram Loan Flex- Instant Loan app is named PAWRAM TRADING PRIVATE LIMITED. They are in partnership with Udvai Traders Private Limited, registered under NBFC. Earlier, one of its apps, Pawram Loan App, was also launched, which was later removed from Google Play Store.
The address given on the PAWRAM website is Nehru Place, New Delhi.
According to the website of Udvai Traders Private Limited, it is based in Nagpur, Maharashtra.
Our investigation revealed that the advertisement for this app was also given by Hong Kong’s XMAN Hong Kong Limited company.
When we called the numbers listed on the websites of Pavaram and Udvai Traders, we found that they were non-functional. On visiting the Delhi office of Pavaram, we discovered that space had been rented under the name of this company in April 2024, but was vacated after about 11 months.
Ads placed from the British Virgin Islands
Similarly, advertisements for Clear Credit: Credit Manager, Credit Hisab, and Quick Funds have been listed by a British Virgin Island-based company, Inamob Global Pvt Limited. Out of these, Quick Funds has described itself as a loan-providing app, while the other two have not listed any such information. In the review of Clear Credit: Credit Manager, users have called it a fake loan app.
The address of Quick Funds’ developer company intellectual financial advisory private limited is given as Satna in Madhya Pradesh, while the address of its NBFC partner DSG Investments Private Limited is given as Delhi. Despite this, its advertisement has been listed by a company of British Virgin Island.
Apps with more than 50 thousand downloads
Babu Lal Punia of Churu, Rajasthan, who has been investigating such fake apps for the last two years, says that currently there are 25 to 30 such fake loan apps available on Google Play Store. He also sent us a list of some suspicious apps, some of which have been removed from Google Play Store. Most of these apps have been declared fake in the review.
While checking the apps listed, we found that in nearly half of them, the description did not mention anywhere that they provide loans. Some were EMI calculators, some were loan calculators, while in one app, a Body Mass Index (BMI) calculator was also given.
Here is a list of suspicious apps and information about the companies associated with them. Looking at this, it is known that many apps have described themselves as a loan or EMI calculator.
Wrong information was given about the NBFC partner
Among these, the app ‘Sarvatra Kash – Pro Finance’ (contains ads) lists PKF Finance Limited as its NBFC partner. However, PKF’s official website clearly states that it has no association with any loan app. When we contacted their customer care, the representative confirmed that they neither own an app nor have any tie-up with such apps.
Launch another after one is deleted
Looking at the list, it is clear that there are some developer companies whose second app gets launched after the first app is removed, such as Joy International Company Limited, BenslymanDev, JAGADISWVAR PARIDA, MILLIONAIRE CLUB FINANCE PRIVATE LIMITED, CASH FOR GOLD PRIVATE LIMITED, CORPUS FINSERVE CONSULTANTS PRIVATE LIMITED and FLORA CORPORATION LIMITED.
This is how they come in the ranking
Punia says that if an app is removed from Google Play Store after receiving complaints, the company immediately changes the name and launches another app. When the app is launched, it ranks among the top apps with the help of fake reviews, ratings, and advertisements. This makes people think it is genuine and start downloading it. After this, its ranking goes up.
On 13 June 2025, the Indian Cyber Crime Coordination Center (I4C) declared some apps as fake on its X account, which are listed below:
1. Invoicer Experts (FineLab Developers)
2. Loan Raina-instant loan online
3. Gupta Credit – Safe and Handy
4. GraniteSwift
5. LoanQ.Financial Calculator (FineLab Developers)
6. Credit Edge
7. Ultimate Lend
8. SmartRich Pro
9. CreditLens
10. EMI Calculator
How to identify fraud apps
Punia said that such apps top the ranks quickly. They are brought up through advertisements. They reach the top in just a few days.
Red Flag
– Recently launched, ranks well and is running ads, so it could be suspicious
– Check the website of the app developer. Is all the information given on it? Is the address and phone number provided?
– The website of the fraud app is simply a colourful page with useless content, but no information is provided about the team or the founder.
– If there is no information about the office or social media handles, then something is wrong.
– Search about the app on the internet, if the app is launched, then there is a social media handle or any report about it. If a company has no social media presence, it’s a clear red flag.
Check for reviews before installing it.
This is how the network of criminals works
In Chandigarh, a case of fraud from the instant loan app Hugo came to light in 2022. Inspector Rohitash Yadav, the investigating officer of that case, stated, “This is an organised crime. In this, someone else made the app. He gives the work of accounts and blackmailing to different people. The work of blackmailing is given to a call center, while the work of arranging accounts is done by someone else.”
He further stated, “Online advertisements of such apps come in the form of pop-ups. They reached the account holders through money transactions. Similarly, when the IP address of the number from which the call came was traced, it turned out to be of a call centre in Noida. In this case, they arrested about 30 people, including a Chinese citizen. He said that this app was being run from China. In India, their money transactions were done through dummy companies.”
He explained, “Frauds of 2000-4000 rupees are common, so not everyone comes forward. He too had started an investigation on a complaint of 6500 rupees, in which it was found that about 700 people were defrauded by this app, and the accounts in which the money was received were witnessing transactions of about 1 to 1.5 crore rupees daily. These people used to take those accounts on commission or on rent.”
Method
– Advertisements in the name of quick loans or financial advice
– App has a rating of over four and positive initial reviews
– Permissions, including message and call history, are sought at the time of app installation
– As soon as permission is given, the user’s data goes to the fraudster
– After clicking to check the loan or credit score, the photo, PAN card and Aadhar card are asked in selfie mode.
– Some money comes into the account after 6-7 days
– After 6-7 days, messages and phone calls start coming to repay the loan
– Threatening calls or messages come from Pakistan numbers
– A QR code is sent along with it, on which money is demanded
– If the user does not obey the caller, his/her photo is edited and sent to his/her acquaintances with an obscene message
This is how money transaction happens
On November 13, 2024, the ED arrested two Chinese nationals from Tiruchirappalli, Tamil Nadu, in a case related to loan apps. Investigation revealed that some Chinese nationals had formed a company named M/s Toucolor Technologies Private Limited and M/s Truekindle Technology Private Limited in 2020. They also made two employees of the company dummy directors by forcibly getting them to sign the documents. However, the entire business was being run by Chinese nationals. The company was providing short-term instant loans online through mobile apps.
The investigation revealed that these Chinese nationals created cryptocurrency wallets/accounts on the online platform WazirX using the identities of Indian dummy directors. During the period from August 2020 to December 2020, an amount of Rs 3.54 crore was brought into these wallets through cryptocurrency, which was later withdrawn in rupees to Indian bank accounts. Later, this money was used to give loans. After this, ₹5.02 crore collected from people was first deposited into Indian bank accounts. From there, it was transferred to cryptocurrency wallets, converted into digital currency, and eventually withdrawn through multiple crypto wallets abroad.
The central government’s action
On December 18, 2023, Finance Minister Nirmala Sitharaman stated in the Lok Sabha that “Between April 2021 and July 2022, Google had removed more than 2500 fake loan apps from its Play Store.”
According to a news published on Dainik Bhaskar’s website six months ago, “The central government has proposed to curb apps that give loans without permission. Under this, a jail term of 7 to 10 years and a fine of 2 lakh to 1 crore rupees has been proposed for giving unauthorised loans, and if forceful recovery methods are adopted for the loan, a jail term of 3-10 years has been proposed.”
RBI released the list
In early July, the RBI released a list of over 1600 digital loan apps.
Google’s answer
Google spokesperson stated, “We take this issue very seriously. Google Play does not allow apps that are intended to harm or defraud people. If an app or developer violates any of our policies, we take appropriate action, which may include banning or terminating the developer’s account. Over the past few years, we have been constantly strengthening our policies related to personal loan apps.”
Make sure to file an FIR
Former IPS and cyber expert Prof Triveni Singh says that “This type of fraud is happening through instant loan apps. When the user installs the app, they give all the necessary permissions, including phone calls, call history, etc., allowing them access to the user’s phone data. It gets downloaded to its server. Even if the user deletes that app or formats the phone, the criminal can still harass them.”
He said, if you are installing an app considering investment advice, then first do a thorough investigation of it. If it is a bank’s app or a company’s app, then do a Google search about it. If there is a fake or fraudulent app, then other users would have definitely given reviews about it. Do not download any app just by looking at the app rating or initial reviews.
He said, “In such cases, the people who threaten on call often use VPN numbers, which means the number will be from Pakistan and the call will be from Thailand or Burma. Do not panic on receiving any such call. If you receive any such call or message, ignore it. The cyber criminal will not follow you for long. Along with this, call 1930 and register a complaint on cybercrime.gov.in, but only 25% of the work has been completed so far. After this, definitely file an FIR at the nearest cyber police station.”
What to do if the app is downloaded
— Tell your acquaintances about this, do not hide it
— Do not panic when you receive such calls or messages. If you do not panic, the calls from the caller or fraudster will stop automatically.
— Call 1930 and register a complaint on the National Crime Reporting Portal, and then lodge an FIR at the nearest police station
How to report an app on Google
— Go to that app on the Google Play Store
— Three dots will appear on the top right
— By clicking on these, select the option Flag as inappropriate
— Then click on the reason for this report and submit it
Conclusion: Fake loan apps steal your data, photos, and contacts to blackmail you. In our investigation, we examined over 50 such apps. Some are advertised by companies in Hong Kong, while others are advertised by companies in the British Virgin Islands. In this report, let’s learn how to identify these apps and what to do if they are downloaded.
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