PTA Requests Information on 16 Additional Illegal Loan Apps Following Suicide Case

The Pakistan Telecommunication Authority (PTA) has intensified its efforts to combat illegal loan apps after a tragic suicide case in Rawalpindi.

 In response, the PTA has asked the Securities and Exchange Commission of Pakistan (SECP) for more details on 16 additional illegal loan apps, in addition to the 43 apps already blocked by the regulator.

In the wake of a distressing suicide case linked to online loan apps, the Pakistan Telecommunication Authority (PTA) has taken swift action to address the issue. The PTA has approached the Securities and Exchange Commission of Pakistan (SECP) to provide additional information on 16 illegal loan apps, on top of the 43 apps already blocked by the regulator.

The PTA emphasized that financial apps are licensed by the SECP and operate under the legal frameworks established by the State Bank of Pakistan (SBP). The primary responsibility of the PTA is to block illegal apps, a process triggered either by identification from the SECP or through reports from consumers via the PTA's Complaint Management System, flagging fraudulent activities.

In a series of tweets, the PTA stated, "As part of its efforts to combat illegal loan apps, 59 apps were reported by SECP & on PTA's complaint management system. Out of these, 43 illegal apps were promptly blocked by PTA. For the remaining 16 apps, the SECP has been requested to provide further details."

The PTA also highlighted its collaboration with App Stores to remove fraudulent apps from their platforms when cases of illegal apps are reported.

The PTA expressed its commitment to working closely with the SECP and the Federal Investigation Agency (FIA) in combating illegal and fraudulent apps.

The recent crackdown on illegal loan apps underscores the urgency to address the harmful impact these apps can have on individuals. The PTA's actions aim to protect consumers and curb the exploitation associated with online loan apps.

In response to a tragic suicide case related to online loan apps, the PTA has intensified its efforts to combat illegal apps.

With 43 apps already blocked, the PTA has requested further details on 16 additional illegal loan apps from the SECP. The PTA remains dedicated to working alongside relevant authorities to address this issue and ensure the safety and protection of consumers.

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