Financial scams are becoming increasingly sophisticated, with loan scams being a major concern. A disturbing case from Andheri, Mumbai, highlights the risks: a 70-year-old man lost more than Rs 1.1 crore to a low-interest loan scam that spanned almost a year. Find out how the scam unfolded and what you can do to avoid falling victim to similar financial frauds.
The fraud began in October 2023 when the victim received a call from a man named Anil Yadav, who claimed to be an executive at a financial institution in Delhi. Yadav promised him a Rs 10-crore loan at a low interest rate, but with one condition that he had to buy a health insurance policy first.
A woman, identifying only as Tiwari, then contacted him and asked for Rs 5 lakh to purchase the policy. Trusting the offer, the senior citizen transferred the amount online. However, after making the payment, he received no clear update about when his loan would be disbursed.
Also read: Retired Lieutenant General loses Rs 94,000 to hotel booking scam: Here’s what happened
In May 2024, another person named Mayank Gupta, claiming to be from the Bengaluru branch of the same institution, reached out to the complainant. Gupta told him that if he took the loan from the Bengaluru branch instead of Delhi, he would have to pay only a 10 percent commission instead of 20 percent, reports TOI.
However, Gupta soon informed the complainant that his loan file had errors and needed corrections, which required additional payments. Believing his loan was still in process, the senior citizen continued making payments.
Also read: Noida woman loses over Rs 51 lakh in stock trading scam: How to stay safe
To make the scam appear legitimate, the fraudsters even sent him official-looking documents like a return demand draft memo, bank settlement charges, and a No Objection Certificate (NOC). He was also introduced to a so-called “general manager” of the financial institution, who assured him that the loan would be disbursed soon.
Under various false pretexts, the scammers tricked him into making 68 transactions, amounting to Rs 1.14 crore. When he still did not receive the Rs 10-crore loan, he finally realised he had been scammed and approached the cyber police.