A Facebook page promoting an Android app that supposedly gives out state-sanctioned loans of all kinds under the 'Pradhan Mantri Yojana Loan', is fraudulent as no such government loan scheme exists.
Furthermore, the app is not linked to Government of India.
The said Facebook page has multiples posts having the same image, app link and the same text appealing to customers to take the loan. It also uses the emblem of the Government of India to lend itself credence.
| Original (Hindi) | Translation (English) |
भारत सरकार की केंद्रीय योजना संपूर्ण भारत में मात्र 24 से 48 घंटे में होगा लोन आपकी अकाउंट मैं तुरंत करें अप्लाई | Through a "yojana" (scheme) of the central government to your account in 24 to 48 hours. Apply quickly. |
The link to the app can be found here (only for the Android Play Store).
Further, all posts say the following.
| Original Text (Hindi) | Translation (English) |
छोटे से बड़ा बिजनेस लोन पर्सनल लोन होम लोन सभी प्रकार के लोन तुरंत अप्लाई करें रजिस्ट्रेशन ₹999 से शुरू कीजिए 10% सब्सिडी के साथ जल्दी कीजिए लास्ट डेट 28/03/2023 लोन प्रोसीजर 24 से 72 घंटा. Online aavedan kijiye.24 से 48 घंटे में आपके अकाउंट में लोन | Avail of big and small personal, business and all other loans. Apply now. ₹999 for registration, and avail a 10% subsidy. The last date is 28/03/2023. The loan procedure is 24 to 72 hours. Apply online. |
The post can be seen below. This particular post has 474 likes, with several posts like them on the page, which in turn has more than 5,000 likes.
When this post is accessed through a mobile phone, it launches a chat on WhatsApp to a number 85299 66116.
Further, the app is published by 'Aim2Excel', a publisher having no links to the government. The app description says though that it offering services through Sarvottam Fincap Limited, a non-banking financial corporation (NBFC) registered with the Reserve Bank of India.
BOOM found no evidence that this app is linked or funded by the government in any way.
A credit scheme of the government is the 'Pradhan Mantri Mudra Yojana' that has three credit categories based on the quantum of disbursement:
- 'Shishu' for loans up to ₹50,000
- 'Kishore' for loans above ₹50,000 and up to ₹5 lakh
- 'Tarun', for loans up to ₹10 lakhs but above ₹5 lakhs
However, MUDRA, the authority in charge of this scheme, says that it is a refinancing company, with all the customer-facing formalities for the execution of this scheme done by banks, NBFCs or micro-finance institutes.
This can be read here.
The Press Information Bureau too has taken to social media to deny previous variants of this message that went viral in 2021 and 2020, whose tweets can be read here and here.
The Reserve Bank of India has previously said that it has found nearly 600 apps engaged in unauthorised or predatory lending and has cautioned against using such services.
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