Scammers pose as Bajaj Finance agents, cheat Hyderabad man of Rs 1.73 lakhs
The company provided their details via WhatsApp and asked the victim to submit an application form ‘India First Life Insurance’s Guaranteed Pension Plan'
By Newsmeter Network Published on 8 Nov 2024 10:37 AM GMT
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Hyderabad: A 62-year-old businessman from Hyderabad was duped of almost Rs 1.80 lakhs by unidentified scammers pretending to offer a zero per cent interest loan on an insurance policy worth Rs 10 lakhs on behalf of ‘Bajaj Finance Company’.
Case details
As per the police complaint made by the victim, he received calls from August 9 to November 3, from people claiming to represent Bajaj Finance Company. They provided their details via WhatsApp and asked the victim to submit an application form ‘India First Life Insurance’s Guaranteed Pension Plan.’
They instructed the victim to transfer Rs 80,000 to their Paytm Yes Bank account. Later, the scammers demanded Rs 56,050 for a health insurance policy to secure additional loan subsidies, which the victim paid to a firm called Kuzalin Services (P) Ltd.
They didn’t stop their demands as they made another call to inform the victim that since he is more than 62 years old, he needed a second two-year health policy. The victim made additional payments, but the promised loan was never approved. The total amount lost by the victim is Rs 1,73,713.
Realising he was duped, the victim approached the police for help.
Public advisory
- Fake loan apps promise fast cash but deceive. Stay alert and be vigilant!
- Always download apps from official websites and app play stores and not from unknown sources.
- Always check whether the lender is approved by the RBI and/or is associated with a financial institution.
- Always check the terms and conditions of lending, genuineness of the website, physical office locations, company Identification Number (CIN) and details of the Certificate of Registration (COR) before investing.
- Check the app permission(s) and the access it seeks, such as contacts, gallery etc. Give access to those permissions which are absolutely required by the application.
- Apply for loans only through applications related to Non-Banking Financial Corporation (NBFC) or an authorised bank.
Victims of cybercrime can get help by immediately dialling 1930 or visiting the National Cyber Crime Reporting Portal.
