Fraudsters lured victims with low interest loans

In an instruction note given to the call centre employees, it was clearly explained how to approach their ‘customers.’ After a warm wish, the callers would identify themselves as representatives of any popular financing firm and offer loans at an 8 per cent interest.

If the person on the other side is interested, then they would ask customary questions like the name, age, educational qualification and address details followed by how much loan do they want and the bank account details.

After noting down the existing loan details if there was any, the employees would also say that if they pay the EMI without fail for six months, customers can top-up their loan (additional loan) and get up to 50 per cent of their previously availed loan within just three days of application without any security deposit.

While this may sound like a regular loan soliciting call, their next offer would make victims fall flat. They would also claim that the customers have to pay EMI with interest for the first 12 months after which they can pay only the loan amount in instalments.

The trap does not end there. The callers would ask the loan seeker to pay Rs 50,000 as the security deposit. They promised that the amount would be reimbursed within 48 hours after the loan is settled. 

To those who smell something wrong, the employees would convince them saying that the customers would also get interest for Rs 50,000 if the loan is settled within three years and if the loan is settled after three years, they would get Rs 1 lakh in return.

Saying that the bond copy for the security deposit would be couriered within three days and the loan sum will be transferred to their account within 10 days, they would ask the loan seeker to send copies of PAN card, both sides of debit cards, Aadhaar card, PDS smart card, passport size photographs with signature to check their eligibility to avail the loan. If everything goes according their plan, the fraudsters would create e-wallet account in the victim’s name and link their bank account using the available details and swindle Rs 50,000.

Speaking to DT Next, Inspector Meenapriya said that most of the calls and messages offering loans are fake as RBI has made the loan system strict for banks. “If people in need of loans get such calls, they should go and meet them in person and verify the firm’s credibility. After arresting the gang, we have received complaints from 30 more people,” said the inspector.

The inspector also warned employees of such fraudulent companies not to work for them and added that they can approach the police if they found activities of the company suspicious. The inspector also advised people not to share their phone numbers with people approaching them in the guise of lucky draw at malls and supermarkets.