The Federal Investigation Agency (FIA) has escalated its clampdown on illegitimate finance companies operating online short-term loan businesses.
As part of this intensified operation, nine individuals who indulged in these unlawful activities were apprehended, and an involved company located in Rawalpindi was shut down. Regrettably, this despicable practice led to the suicide of a jobless individual in Rawalpindi just last week.
The FIA’s Cybercrime Circle spearheads the onslaught against perpetrators who offer online loans to individuals grappling with severe economic hardships and exploit them by extorting substantial amounts of money via blackmailing tactics.
Widespread Crackdown and Ensuring Regulatory Compliance
FIA’s crackdown was initially in Islamabad, Rawalpindi, and Lahore. Still, plans are in place to extend the operation across Pakistan. The next phase of the operation is set to commence in Karachi the following week, with the FIA Karachi office already instructed to lay the groundwork for the operation.
Butt noted that FIA teams are verifying the financial companies’ registration status with the Security Exchange Commission of Pakistan (SECP). Companies found lacking a registration certificate will be classified as illegal entities.
The SECP, the official licensing and regulatory authority, issues licenses to Non-Banking Financial Companies (NBFC) that offer loans via online applications. Moreover, to curb illicit microfinancing activities in Pakistan, the Pakistan Telecommunication Authority (PTA) has collaborated with tech giants Apple and Google to remove illegal loan-related apps.
In the latest development, the FIA Cybercrime Circle raided a financial service office on Saidpur Road, Rawalpindi. The raid resulted in the closure of multiple company offices within the plaza by FIA spokesperson Inspector Badar Munir.
Preliminary investigations unveiled that the apprehended suspects were assigned call targets, each making 100 to 150 calls daily, including to friends and relatives of the loan recipients. The FIA spokesperson shared that these online loan companies have designated specific sections in their offices for making these harassing calls, revealing the titles of these sections as D-Zero, D-1, D-2, DS-1, DS-2, and DS-3.
The FIA’s raid also led to the recovery of many documents, computers, laptops, and SIM cards. Following the arrests, investigations are ongoing to locate and apprehend other individuals involved in this illegal operation. Per the FIA spokesperson, charges have already been filed against 19 suspects related to online loan apps.
 escalates its operation against illegal finance companies providing online short-term loans, leading to several arrests and company closures. The crackdown, which began in major cities, is planned to extend across Pakistan.){kind=link}