Technology has become a great enabler but it can also be a killer. In this case, it has literally proven so for India’s lower-income residents, thanks to unscrupulous Chinese operators who have used spurious loan apps and hired Indian underlings to bilk the most vulnerable.

In just 10 months since the pandemic began, at least $3 billion worth of scam microloan transactions have taken place with a bulk of that siphoned off. 

The targets of these scams are people who are largely marginalised by the banking sector. Factoring in pandemic-induced joblessness and pay cuts that have led to an urgent need for cash, the dire situation of these people exacerbated in 2020, making them ripe for exploitation.

Yet, this appears to be only the tip of the iceberg. The other problem arising from the actions of these relatively few bad actors is that it has threatened the dynamic Chinese tech ecosystem within India. The top…

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