The Easy-Money-Trap ; Big Fat Fintech Frauds in India
Prajwal Sharma, 28, former bank employee, now unemployed due to Covid layoffs, has a sister to marry off. The pandemic seems to be over but he is still unemployed. Not left with much of his savings and her sister’s would-be in-laws are demanding a dowry of Rs. 10 lakhs. He turns to every bank possible for a personal loan. No one entertains him – CIBIL scores are not in his favour, he has no collateral or guarantor to show. One day, a friend suggested trying the CashCow app – said ’15 minute mein loan de dete hain yaar’ . . . and indeed, he installed the app, gave them all permissions they asked for (including his contacts and PAN and Aadhar and Photograph) and within 15 minutes – the a...