Caretaker Home Minister Sarfaraz Bugti addressed the media, highlighting the government’s use of social media to tackle blacklisted online loan apps. He explained that recent steps have been taken to dismantle networks of companies providing loans with interest.

Ongoing Operation Against Online Loan Apps.

Interior Minister Sarfaraz Bugti, alongside practical assurances from Saniter Mushtaq Ahmed, announced the government’s prohibition of these applications. Additionally, the Federal Investigation Agency (FIA) has seized assets valued at approximately 1.8 billion from such agencies.

Bugti emphasized that a cyber crimes case has been filed against companies offering interest-based loans through social media. The government is actively cracking down on companies not affiliated with the Securities Exchange Commission of Pakistan.

Senator Mushtaq Ahmed, presenting the motion in the Senate, highlighted that individuals conducting business through such applications, including entrepreneurs, students, and the unemployed, have fallen victim to deceitful practices. These companies initially promise low-rate loan repayment, only to later demand substantial sums.

In response to the surge in online fraud complaints, the Government of Pakistan released a series of public service messages, cautioning the public about online frauds and advising against investing in various trading companies.

Caretaker Interior Minister Bugti provided insights into the operational capacity of the top government agency, FIA, mentioning its limited resources for handling cases and completing investigative stages. Nevertheless, legal actions have been initiated against all applications not affiliated with the Securities Exchange Commission of Pakistan.

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