Hyderabad, Nov.8 (NSS): A 62-year-old businessman was targeted by scammers. He received calls from August 9, to November 3, offering a 0% interest loan on an insurance policy worth ₹10 lakh. The representatives, claiming to be from Bajaj Finance Company, provided details via WhatsApp and asked the victim to submit an application form (Number SD8506846) for India First Life Insurance’s “Guaranteed Pension Plan.” They instructed the victim to transfer ₹80,000 to their Paytm Yes Bank account.
Later, the scammers demanded ₹56,050 for health insurance policy to secure additional loan subsidies, which the victim paid to Kuzalin Services (P) Ltd. Another call informed the victim that, due to his age (62+), 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/-. Therefore, the victim filed a complaint for help.
Cybercrime police said fake loan apps promise fast cash, but deceive. Stay alert and be vigilant! Always download 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. 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).
Check the app permission(s) and 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 authorized bank. Victims of cyber crime fraud, immediately Dial 1930 or visit cybercrime.gov.in. In case of any emergency, call cyber crime 100/122.
