Hyderabad Man Dies by Suicide After Harassment by Loan App Agents
A 30-year-old man in Hyderabad allegedly died by suicide on July 19 after facing relentless harassment from agents of online loan apps. The man, identified as Sudhakar, worked as a fireman at the Chandulal Baradari fire station under the Telangana State Disaster Response and Fire Services. His body was found on railway tracks near the Shivarampally railway station, according to police reports.
Loan Harassment Led to Tragedy
Investigations revealed that Sudhakar had taken loans from instant loan apps but struggled to repay them due to financial difficulties. His family claimed that agents from the apps harassed him through abusive calls and messages, even contacting his relatives to label him a loan defaulter. Unable to cope with the pressure, Sudhakar tragically took his life.
A case has been registered under Section 174 of the Criminal Procedure Code (CrPC) against the loan app organization.
The Dark Side of Instant Loan Apps
This incident sheds light on the growing menace of instant loan apps. These apps attract users with promises of quick and hassle-free loans but charge exorbitant interest rates and high processing fees. When borrowers fail to repay on time, agents often resort to abusive and unethical practices, including threats and public humiliation.
In some cases, recovery agents have gone to the extent of threatening victims by morphing their photos and sharing them with contacts. Such actions have caused immense psychological distress and led to several suicides across the country.
Need for Regulation
The tragic death of Sudhakar highlights the urgent need for stricter regulations and oversight of online loan apps. Authorities must take swift action to curb unethical practices and ensure the safety and well-being of borrowers.
Summary
Case Title: Loan App Harassment Leads to Suicide in Hyderabad
Sudhakar, a Hyderabad fireman, allegedly died by suicide due to harassment by agents of online loan apps over repayment issues. The case underscores the dangers of instant loan apps and the pressing need for regulatory action to protect vulnerable borrowers.
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