Multi-Crore Online Renting And Shared Service Investment App Scam: Power Bank

Scam Alert! Power Bank App

Power Bank, a Bangalore-based technology start-up, developed the first smart App for online renting and shared service investment in mobile power in India to enable connectivity and fast charging.

More than 40% of “Power Bank’ customers are repeat customers. They’ve introduced a modern business model that combines online franchising and offline direct selling. Power Bank expects that, in addition to benefiting the general population, that the benefited partners will be able to assist them in product marketing. They distribute dividends to their partners in the hopes that the majority of them will support and use their brand to reduce promotional costs and return those savings to customers, resulting in a win-win situation and shared benefits.

So, What really happened?

After collecting a ton of money from its 76,000 active users Power Bank fled the market. Yesterday, there was a pop-up message appears on the display when you boot the app. The company stated that “Affected by the epidemic, the Indian market will soon be closed. Share Power, Shared Travel, and TRAVEL applications will be closed shortly. Please apply for cash withdrawal as soon as possible to avoid capital loss.”

According to rumors, they have scammed around 410 Cr. which are lending money online without proper approvals from the Reserve Bank of India and mandatory tie-ups with banks and registered NBFCs.

Also Read: Binance Under Investigation by the Justice Department and the IRS

Scam Alert! Power Bank App
Power Bank App Notice
After releasing their notice Power Bank official site went down.

Effect of Power Bank App on other apps with similar business models?

Share Power company wittenesed a huge drop in their investment after the notice was declared. Then the company replied to its customer base with a reply and a statement to stop the madness cased around by Power Bank App.

Scam Alert! Power Bank App
Share Power statement after Power Bank scandal

So, Were The User Able To Withdraw Invested Amount?

No, Shortly after releasing the notice Power Bank App UI went blank, there was no option for withdrawal or deposit of invested funds. There is also no information available about the developer or the owner of the App. They never updated any info about themselves.

Scam Alert! Power Bank App
Info about Power Bank developers

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