Hyderabad: Travel agent loses Rs 14.5L in fake online loan scheme

Hyderabad: Cybercriminals posing as business loan agents on social media cheated a 36-year-old travel business owner from Hyderabad of Rs 14.5 lakh.

According to the complaint lodged with the Cyber Crime Police, the victim came across an advertisement on Instagram claiming to offer loans at low interest rates. Drawn by the offer, he contacted the two phone numbers listed in the ad and expressed interest in securing a loan of Rs 1 crore.

The fraudsters, posing as representatives of a financial institution, asked the victim to submit various documents and business-related information. After receiving the details, they claimed the loan had been approved and requested a “processing fee” to complete the disbursement.

Believing the claims to be genuine, the victim transferred Rs 14.5 lakh in multiple installments via RTGS to the accounts provided by the scammers. However, when the promised funds failed to arrive and the fraudsters became unreachable, he realized he had been duped.

Police have registered a case and are currently investigating the matter using the phone numbers and bank account details provided by the victim.

Authorities have once again urged the public not to fall for unsolicited loan offers received through social media or phone calls. They stressed that legitimate loans should only be taken out through RBI-authorized banks and financial institutions.