Hyderabad: The cyber crime police station had been receiving complaints of cheating in the name of loan frauds from those relying on social media platforms to find offers of loan. Based on the many complaints, the cyber crime police station, Cyberabad, has booked a case under 420IPC, Section 66-C and Sec 66-D of IT Act, 2008.

The police urged people to be more careful about such fraudsters. To contain these cheaters, everyone needs to be cautious before entering into any personal loan option that pop up online or emerge from social media, business network, job network and marketing network platforms.

These fraudsters make phone calls to the public and introduce themselves as a manager, employee and offer a personal loan in the name of Reliance Finance, Money Flow Finance and Bajaj Finance loan, at low interest. They ask the public to submit documents to check if they are eligible for the loan or not.

Then the fraudsters loot money from the victims citing various fees like processing fee, security fee, agreement fee, insurance fee or others. If the client gets into a fight over the issue, they convince them saying that the amount is refundable along with loan amount.

In this way, the fraudsters cheat victims with fake approval letters in the name of Reliance Finance Limited, Bajaj Finance and Money Flow Finance, etc. After collecting money from different clients in a huge amount, the fraudsters switch off their mobiles, said the police.

On July 24, 2020, Srinivas Rao Talluri, a resident of Kukatpally, Hyderabad, lodged a complaint saying that he searched online for offers on personal loans and got attracted to the Reliance Finance Group club.com website.

On June 21, 2020, he applied for a personal loan online with ID proof, address proof, photos and cancellation cheque of Rs 4 lakh at low interest with Reliance Finance Group club.com.

Srinivas Rao received calls from them asking to pay more money for approval and loan disbursement. With this, the complainant realised that it was a fraud and that Abhishek Mandal (Rithish Mishra) and others cheated him with fake approval letters of Reliance Finance Limited, in the name of providing personal loan and cheated him to the tune of Rs.2,56,413 and filled an FIR.

The cybercrime police station issued an advisory to prevent loan frauds and requested the public to follow the guidelines.

  • Do not respond to unknown callers who assure personal loan without any security
  • Without visiting the loan processing office physically, do not pay any processing fee
  • No genuine company asks for enormous amounts for sanctioning loans. Verify the genuineness of the website while searching on Google for any loan
  • Do not believe the words of caller about a refund of the amount
  • Without contacting the original customer care of the company, do not go ahead with loan processing

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