Online loan fraud is a phenomenon that comes like a breeze and turns into a storm that turns lives upside down. That wind is sweeping the state now. Only a small percentage of the fraud has come to light. There is no age limit for the victims of the fraud. Victims of online loan scams include people from students to pensioners. They create a trap that cannot be escaped from even if the entire family assets are sold.

The latest incident that has drawn attention to online fraud gangs is the case of a couple from Kochi's Kadamakkudy who hanged themselves after killing two toddlers. When such incidents occur, the police are quick to take action. In most cases, the investigation leads nowhere. Fraudulent gangs control the operation from other states and abroad. Hence the real culprits are not caught. That is why such scams are repeated.

The online gang sent threatening messages to the phone of the housewife in Kadamakkudy after she failed to make repayments last month. The morphed nude pictures of the housewife were also sent to the phones of relatives and friends through WhatsApp. The police have collected the evidence of this. This is a common trick used by fraudsters to get back the money. They use the weapon of social shaming. Another method is to threaten them by sending local goons. However, no one can ever figure out who is the head of this operation. There are many types of online scams going on. Online gaming is one of them. Roshan, an employee of a private resort near Munnar, hanged himself last day after losing lakhs through online games. Most of the online game operators use the bait fishing method. At first, you will get to win some money through the games, but once you get addicted to the game, there will be a liability of lakhs.

Online lending groups will be ready to provide loans up to one lakh rupees without collateral. This is what makes many people fall into the trap. No one knows that it is a pit from which they cannot come back once they fall in. Victims resort to suicide when understand that they cannot escape. To prevent this, it is necessary to have integrated measures on the part of the state and central governments. The Reserve Bank and the Union IT Ministry should ensure that only approved apps are available on the Play Store. The state cyber cell should also investigate the illegal apps. People who take online loans also need awareness to have explicit knowledge about the pitfalls and safe ways in this sector.