#OperationHaftaVasooli: Zee Business sting operation busts Mafia recovery agents, small lending companies

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. These companies are not obeying government’s orders and creating panic to take advantage of the situation. 

Some of the companies and apps that came to light during the sting operation are CashBean, YCash, OCash and WiFiCash. 

“During operation Market Mafia, we exposed fake advisory companies. In Operation Hafta Vasooli, things are more serious. Small lending companies are not obeying the orders of lockdown and are working like Mafias, “ Zee Business Managing Editor Anil Singhvi said, while exposing these platforms.

These companies are sending fake notices to people to recover money. The borrowers are threatened and abused on phone calls. The recovery agents are using foul language and making life difficult for common man. 

What are these lending 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. 

WATCH Zee Business TV LVE Streaming Online

The Zee Business sting operation had a massive impact as #OperationHaftaVasooli started trending on micro-blogging website Twitter within minutes. Zee Business Managing Editor Anil Singhvi also urged investors and borrowers to share their experiences using the hashtag. Zee Business promises that all these queries and issues will be raised with the finance ministry and RBI.

#OperationHaftaVasooli: Repeat Telecast

You can watch the show again on Zee Business channel today at 5.56 PM.

Last year, Zee Business had conducted a sting operation called Market Mafia on fake investment companies. In the biggest ever sting operation in the history of business channels, Zee Business exposed how innocent investors are looted by some stock market advisory companies. And once again, repeating history we are back with uncovering scams, protecting wealth of investors and giving guidance as to tackling these situations.

Market Mafia was a tri-part sting operation that was telecast between November 26 and November 28, 2019.

Statement by official spokesperson of CashBean, part of P C Financial Services Private Limited:

As soon as we received the notice from RBI, the company terminated the concerned outsourced employee and took stringent measures. Additionally, CashBean being a responsible corporate of the country took cognizance of the situation arising due the COVID-19 pandemic, and hence had voluntarily decided to waive-off overdue penalty on delayed payments from March 1st till May 31, 2020.The customers loan tenure will be extended by providing the last three months of bank statements. We are also providing our customers a moratorium till May 31, 2020.