#OperationHaftaVasooli Part 2: Zee Business sting exposes small loan companies, calls out recovery agents

#OperationHaftaVasooli Part 2: In a sensational expose, Zee Business has called out small loan companies and recovery agents who have been harassing borrowers and even going to the extent of threatening them for repayment, even during the ongoing coronavirus crisis. In #OperationHaftaVasooli Part 2, Zee Business Managing Editor Anil Singhvi has exposed how these companies have been abusing customers and their family members for repayment. The fear culture that is being promoted by these companies is truly shocking as the ZeeBiz sting operation shows.. 

कैसे मिली इन कंपनियों को इतनी ताक़त ?
क्यों नहीं इन्हें पुलिस का डर !!#ZeeBusiness की सरकार से मांग!#OperationHaftaVasoooli पार्ट-2 में खुल रहा है हर राज़ #OperationHaftaVasoooli @AnilSinghvi_ @PMOIndia @FinMinIndia @nsitharamanoffc @RBI @DasShaktikanta @Anurag_Office pic.twitter.com/hzmhHKb5Lb

— Zee Business (@ZeeBusiness) July 16, 2020

Some of these companies have been sending fake notices to people to recover money. The borrowers have been threatened and abused through phone calls. Most distressingly, these companies are not even sparing family members as they are calling and harassing them too. The recovery agents are using foul language and making life difficult for the common borrower who is facing difficulties in paying back loans due to the corona pandemic, which has impacted jobs and business very badly.

फर्जी नोटिस दिखाकर ग्राहकों को फंसाती हैं ये कंपनियां
देखिए ऑपरेशन हफ्ता वसूली पार्ट-2 अभी सिर्फ ज़ी बिज़नेस पर...#OperationHaftaVasooli पर ट्वीट कर अपनी राय दें@AnilSinghvi_ @PMOIndia @FinMinIndia @nsitharamanoffc @RBI @Anurag_Office pic.twitter.com/RPSWDHPjX5

— Zee Business (@ZeeBusiness) July 16, 2020

Zee Business Managing Editor Anil Singhvi has demanded legal notice against these companies. He said that they have no right to call anyone’s family members. 

कैसे मिली इन कंपनियों को इतनी ताक़त ?
क्यों नहीं इन्हें पुलिस का डर !!#OperationHaftaVasoooli पार्ट-2 में खुल रहा है हर राज़ #ZeeBusiness के ट्विटर हैंडल पर दें अपनी राय#OperationHaftaVasoooli pic.twitter.com/IkBTT7BMYd

— Zee Business (@ZeeBusiness) July 16, 2020

“These companies do not respect anyone. They think nobody can harm them. They are not registered with the Reserve Bank of India and they threaten customers in the name of police and don’t even fear media,” a furious Anil Singhvi said. 

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He added that some of these companies even threaten borrowers by saying they will get their Aadhaar or PAN cards blocked. Singhvi said that no one has given them this right and these practices need to be stopped immediately. 

देखिए कैसे लोन रिकवर करने के लिए ग्राहकों को परेशान कर रहे छोटे लोन देने वाली कंपनियों के एजेंट...
देखिए ऑपरेशन हफ्ता वसूली पार्ट-2 अभी सिर्फ ज़ी बिज़नेस पर...#OperationHaftaVasooli पर ट्वीट कर अपनी राय दें@AnilSinghvi_ pic.twitter.com/v5ciwafcZP

— Zee Business (@ZeeBusiness) July 16, 2020

A truly horrific case is that of Mahesh Jain in from Mumbai. Sharing his ordeal, Jain sent an audio clip to Zee Business, revealing his conversation with one of the spokespersons of Many More. In the audio clip, the company representative can be heard misbehaving with the customer and using harsh language to get money. Even as Mahesh requested that there has been a delay in his salary, the representative continued to be harsh and refused to give an extension of even 2-3 days. 

Mahesh revealed that Many More isn’t the only company that has been after him. He mentioned some other names like Cash Mama that have been following the same strategy. 

देखिए कैसे लोन रिकवर करने के लिए ग्राहकों को परेशान कर रहे छोटे लोन देने वाली कंपनियों के एजेंट...
देखिए ऑपरेशन हफ्ता वसूली पार्ट-2 अभी सिर्फ ज़ी बिज़नेस पर...#OperationHaftaVasooli पर ट्वीट कर अपनी राय दें@AnilSinghvi_ pic.twitter.com/v5ciwafcZP

— Zee Business (@ZeeBusiness) July 16, 2020

Zee Business also accessed a message from one of the company representatives, which threatened to leak customer’s contact details and reach out to their family members if the money is not immediately paid. 

Another victim who suffered at the hands of these goons was Koorbi, and she said, “These people are absolutely not ready to compromise. They ask us to make payments in a short period. They tell us to borrow money from friends of relatives but pay the amount immediately. And, they call four to five times a day. Once I failed to pick up the call, they called my reference. They didn’t wait at all. They threatened my friend.” 

She said that they even asked her relatives to make the payment. 

In one of the biggest sting operations in the history of business news channels, Zee Business in April had busted small lending companies that are harassing borrowers and common man in the times of coronavirus crisis, while recovering loans. These companies were not obeying government’s orders and creating panic to take advantage of the situation.

As a result of this Zee Business Sting Operation, the authorities were forced to act, bringing relief to borrowers.