The fraud began in October 2023 when the victim received a call from a man named Anil Yadav.
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 then contacted him and asked for Rs 5 lakh to purchase the policy.
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.
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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.
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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.
How to avoid falling for such scams
- Verify financial institutions: Always check the legitimacy of lenders before making any payments.
- Beware of upfront fees: Genuine loans do not require large upfront payments.
- Double-check documents: Do not trust official-looking documents sent via phone or email.
- Consult a trusted advisor: Before transferring money, consult a financial expert or family members.
- Report suspicious calls: If you receive such calls, report them to cyber police immediately.
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Ayushi Jain
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