Man loses over ₹3 lakh in loan fraud

A 34-year-old resident of Yousufguda was duped of over ₹3 lakh in a loan fraud by fraudsters posing as representatives of Bajaj Finserv.

The scam unfolded on August 11 when the fraudsters first contacted the victim with an offer of a personal loan of ₹1 lakh. Believing the assurances, he was gradually convinced to transfer money under various pretexts, including charges for insurance, TDS, NOC, GST, RBI mail clearances, account conversion, loan activation, late fines, advance EMIs and cash deposits.

Investigators said that between August 11 and 20, the victim made multiple transfers amounting to ₹3,04,058 to many people, trusting the false promises of loan approval. Fake emails and text messages purportedly from Bajaj Finserv and the Reserve Bank of India were also used to make the scheme appear authentic. Despite the hefty payments, no loan was sanctioned, and the fraudsters continued to demand more money.

Following a complaint, the cyber crime wing of the Hyderabad police registered a case and initiated a probe.

Meanwhile, the police have urged people to remain vigilant and not to believe unsolicited calls, emails or messages offering instant loans. Officials stressed that neither banks nor non-banking finance companies nor the RBI ever seek advance payments for loan processing or disbursement.

Authorities have advised citizens to apply for loans only through authorised bank branches, NBFCs or their official websites and apps. People were also warned never to transfer money into personal accounts of unknown individuals.

Victims of cyber fraud are encouraged to immediately contact the Cybercrime Helpline on 1930 or lodge a complaint on: www.cybercrime.gov.in. In case of emergencies, assistance can also be sought on WhatsApp on 8712665171.