Bank of Ghana in collaboration with EOCO arrests over 420 loan app operators

July 13, 2023 6:20 AM

The Bank of Ghana (BOG), the Economic and Organized Crime Office (EOCO), and the Cyber Security Authority have arrested over 420 individuals working for loan apps.

Loan App

The suspects are in police custody.

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This comes after the authorities carried out a well-planned operation that resulted in the capture of the suspects.

The authorities launched raids on numerous alleged owners of digital lending applications, often known as loan apps, in the Greater Accra Region as part of this coordinated operation.

The individuals operating these apps engage in a variety of illegal acts, including cyberbullying, extortion, the unauthorized use of data and privacy, and, in the most extreme situations, issuing death threats.

In a statement issued by the authority, it stated that "The three collaborating institutions carried out a targeted operation in the early hours of Monday, July 10, 2023, as part of a joint effort by the Cybersecurity Committee, resulting in the arrest of more than 420 suspects."