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The federal government’s current crackdown on unlawful mortgage suppliers highlights a distressing development of authorities springing into motion solely after irreparable harm has been inflicted. Federal IT Minister Syed Aminul Haque proudly introduced that 43 mortgage purposes had been blocked, however this decisive step comes within the wake of a tragic incident involving a person’s suicide because of threats from mortgage apps over mounting money owed.
The FIA has launched a probe into the case, ensuing within the arrest of 9 suspects and the reserving of 19 people. These actions, albeit commendable, are reactive in nature, leaving many to query why preventative measures weren’t taken earlier. The publicity of quite a few mortgage apps and the prevalence of mafia teams working by way of social media platforms luring unsuspecting customers with immediate credit score underscores the magnitude of the issue. Exploiting monetary vulnerabilities, these unscrupulous entities resort to blackmail and intimidation, leaving harmless people trapped in a vicious cycle of debt. Whereas the federal government’s consciousness marketing campaign goals to safeguard the general public, it raises considerations concerning the absence of pre-emptive methods. It’s disheartening that such actions have gone unchecked till solely just lately. Now, the federal government should implement stringent laws and be sure that solely licensed and controlled entities are allowed to function.
As the federal government’s crackdown unfolds, it’s crucial that the authorities stay vigilant of their efforts to convey the culprits to justice. Nevertheless, this reactive method should function a stark reminder that swift and proactive measures are important to safeguarding the general public from fraudulent mortgage schemes. It’s excessive time for the federal government to prioritise client safety, strengthen laws, and set up a complete framework to mitigate such dangers. Solely then can we hope to forestall future tragedies and shield the monetary well-being of residents.
Printed in The Specific Tribune, July 19th, 2023.
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