Fraudsters dupe elderly with 0% loan offer

HYDERABAD: A 62-year-old businessman from Hyderabad was flooded with calls between August 9 and November 3, offering a loan at a zero per cent interest rate if he bought an insurance policy worth Rs 10 lakh.

The representatives, claiming to be from a finance company, provided details via WhatsApp and asked the victim to submit an application form (Number SD8506846) for a ‘guaranteed pension plan’. They further instructed the victim to transfer Rs 80,000 to their account. Later, the scammers demanded Rs 56,050 for a health insurance policy to secure additional loan subsidies, which the victim paid as indicated.

Another call then informed the victim that as he was 62, he needed a second two-year health policy. The victim made additional payments, but the promised loan was never approved. The amount lost by the victim is Rs 1,73,713. The victim lodged a complaint with the cybercrime police.

In a public advisory, the Hyderabad cybercrime police advised citizens to be on alert and understand that fake loan apps promise fast cash, but deceive.

Further the cops suggested always downloading apps from official websites and app play stores, not any unknown sources. Always check whether the lender is approved by RBI and/or is associated with a financial institution. Additionally, always check the terms and conditions of lending, genuineness of their website, physical office locations, Company Identification Number (CIN), and details of the Certificate of Registration (COR). Also carefully read terms and conditions before providing app permissions and the access it seeks, such as contacts, gallery etc. Give access only to those permissions which are absolutely required by the application.

Also apply for loans only through applications related to Non-Banking Financial Corporation (NBFC) or authorised banks. If at all one falls for it, they can report it on helpline 1930 or visit cybercrime.gov.in. In case of any emergency of cyber crime 100/122.