The Securities and Exchange Commission of Pakistan (SECP) has shut down 120 personal loan apps that were defrauding the public.
The SECP said that it had received complaints from citizens about the apps, which were charging exorbitant interest rates and engaging in other illegal practices.
The commission said that it had worked with Google and the Pakistan Telecommunication Authority (PTA) to remove the apps from their platforms.
It has also registered a case of electronic crime against the owners of the apps.
The SECP has warned the public to be wary of illegal loan apps and to only borrow money from licensed companies.
It said that it would continue to monitor the market for illegal loan apps and take action against those who break the law.
