Zee Business sting operation busts Mafia recovery agents

In one of the biggest sting operations in the history of business news channels, Zee Business on Thursday busted small lending companies that are harassing borrowers and common man in the times of coronavirus crisis, while recovering loans.

The show was titled Operation Hafta Vasooli wherein Market Guru - Anil Singhvi, Managing Editor of Zee Business along with his team of seasoned reporters exposed scam companies such as CashBean, YCash, OCash and WiFiCash with live information. These companies are not obeying the Law but creating panic to take advantage of the current crisis situation. Zee Business carried out an in- depth research wherein it investigated and uncovered spam operations that are out there today.

The show received tremendous traction on the channel as well as on all digital platforms with consumers pouring in their own experiences and thanking Zee Business for such a strong and much needed eye opener. It was heavily promoted across mediums and the coined hashtag #OperationHaftaVasooli was trending at No. 1 nationally on the day.

Anil Singhvi, Managing Editor of Zee Business, said “While studying the current trends on Investment Options with impact of COVID-19, we stumbled upon cases wherein small loan companies were trying to make lucrative offerings to consumers. On digging deeper, talking to individuals we found that there were many such serious cases of harassment and fraudulent practices that were going on. We, at Zee Business, decided on taking up this initiative and

collating these cases into a power packed show that would be backed by evidence and would result into a strong action. The objective of #OperationHaftaVasooli is to catch these small loan companies red handed, and expose them so that people are aware. At the same time, we would consolidate the cases and reports sent by thousands of individuals to the Finance Minisstry for strong action to be taken.”

These mafia companies are not only sending fake notices to people to recover money but also threatening and abusing them on phone calls.

What are these scam companies doing?

  • Recovery is being done forcefully during the lockdown despite the government asking lenders to show a soft corner during this period.
  • People are being threatened over their CIBIL scores. The recovery agents are saying that borrowers’ credit score will be spoiled.
  • Borrowers are being threatened with police FIRs.
  • They are being told that police will be sent to their houses if money is not paid.
  • Borrowers have been sent fake circulars with RBI stamp on them.
  • If none of the other tactics work, people are sent fake letters from CBI.
  • To make it all appear legitimate, borrowers are sent notices on stamp paper.
  • In more inhuman methods, recovers agents are threatening that your family members and friends will be informed about the loans.
  • They are also abusing borrowers on phone.
  • Borrowers are even receiving threats on social media platforms like WhatsApp and Telegram.

The Zee Business sting operation had a massive impact as #OperationHaftaVasooli started trending on micro-blogging website Twitter within minutes. We urge you to share similar experiences (if any) using #OperationHaftaVasooli so that these can be raised with the Finance Ministry and Reserve Bank of India (RBI). For more details, please visit https://twitter.com/ZeeBusiness/status/1250652582659284992?s=19


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