Microfinance loan fraud Karachi?
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In the past few years, we’ve seen a sharp rise in the number of cases of Microfinance loan fraud in Karachi. And I am personally dealing with several such cases. I’ve been studying this topic for the last couple of years, and I’ve seen many scams happening across the country, where banks are luring innocent customers with promises of easy money. These fraudsters come up with false documents, fake bank statements and even fake account statements. They take the customer’s money and disappear. They use forged documents and
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Yes, it’s true. Karachi has experienced a fraud of a type I am not aware of — Microfinance loan fraud. It is a term you don’t hear much about or read about on the internet. My friend, a wealthy businessman, approached me recently with an offer. He wanted to buy real estate in Karachi, and he was interested in a microfinance loan, which he had heard is a great way to get loans with lower interest rates. As an experienced lawyer, I started to research and investigate this offer
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Karachi is the capital of Sindh province in Pakistan. Karachi is also called Pakistan’s financial capital. It is a densely populated, historic city and a hub of the country’s economy. One of Karachi’s economic engines is its microfinance industry. A recent article in The Economist mentioned that Karachi’s microfinance industry was “one of the few segments of the local economy that’s been buoyed by the city’s success in attracting FDI in the past decade”. The article further said that in Karachi, the
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I was surprised when I heard about a huge scam in the Microfinance loan industry in Karachi that went unnoticed for months. The scam involved luring people with promises of high returns on investments in microcredit loans, but when they returned the loan amount they received, they found themselves stranded without any means to earn a living. The amount they were promised to repay on their loan was either higher than their income, or they were forced to repay more than they could afford. One of the victims of this scam is
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The microfinance sector is a new and growing industry in Pakistan, providing access to financial services for poor households. With the help of microfinance, millions of people are lifted from poverty and empowered to create a new life for themselves and their families. go to website However, it is not always about the loan itself. great post to read There have been numerous instances of scamming through fraudulent microfinance loan schemes, and these cases have gone unreported. In the case of Pakistan’s Karachi, there is a long list of these fraudulent schemes and their aftermath
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Microfinance is a micro-level financial intermediary that can provide small loans for micro-enterprises. Microfinance has a growing market in Karachi. Unfortunately, the industry has been in the spotlight in recent years due to fraud cases. The Karachi Fraud case: Microfinance industry is facing the biggest fraud cases. In August 2019, an anti-corruption commission (ACC) had arrested five members of a microfinance company, namely, M & I Finance Limited, Al Khair Ah
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I write about microfinance loan fraud Karachi because I have been closely involved in the area for some years now. Here are some key elements that have emerged as of late. In early 2017, a group of bankers in Karachi allegedly staged a mock loan auction in the city’s main city to lure some clients into the trap of purchasing some worthless loans, which they were actually paying 100,000 to 150,000 rupees for! The loan documents