In a shocking incident, an Online Loan Shark Killed Jobless Man, leading to a tragic outcome. The victim, whose identity remains undisclosed, fell into the clutches of a ruthless loan shark operating through digital platforms. The incident serves as a stark reminder of the dangers lurking in the shadowy corners of the internet.
A 42-year-old man in Rawalpindi, Pakistan, has reportedly killed himself after being harassed by online loan sharks. The man, identified as Muhammad Masood, had taken out a loan of Rs. 13,000 from an online lending company in order to pay for his rent and school fees.
He borrowed a loan to cover the expenses of his children’s education and the rent for his house. He found himself unable to repay it with the added interest. Consequently, he resorted to borrowing from another application, resulting in the loan amount escalating to Rs700,000 within a few weeks.
However, he was unable to repay the loan, and the loan sharks began to harass him. They called him at all hours of the day and night, and they threatened to harm him if he did not pay up.
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Masood’s family says that he was under a lot of stress because of the loan sharks. He had lost his job, and he was struggling to make ends meet. He became increasingly depressed, and he eventually took his own life.
This is not the first time that online loan sharks have been linked to suicides in Pakistan. In 2021, a 22-year-old woman in Karachi killed herself after being harassed by loan sharks. In 2020, a 35-year-old man in Lahore killed himself after being unable to repay a loan.
The government of Pakistan has taken some steps to crack down on online loan sharks. However, the problem is still widespread. In 2022, the Federal Investigation Agency (FIA) arrested over 1,000 people for running illegal lending businesses. However, many loan sharks continue to operate unchecked.
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The case of Muhammad Masood is a tragic reminder of the dangers of online lending. If you are considering taking out a loan from an online lender, be sure to do your research and understand the risks involved.
Here are some tips for avoiding online loan sharks:
- Only borrow money from legitimate lenders.
- Read the terms and conditions carefully before you sign any loan agreement.
- Be aware of the interest rates and fees involved.
- Don’t be afraid to ask questions.
- If you are struggling to repay a loan, contact the lender and see if there is anything they can do to help.
Let us remember this somber incident as a catalyst for change, motivating us to advocate for a fair and compassionate financial landscape that offers hope and relief to individuals facing economic hardships.
Note: If you are being harassed by online loan sharks, you can report them to the FIA. You can also contact the National Financial Inclusion Strategy (NFIS) helpline at 0800-100-000.