In today’s world, the requirement for loans to meet financial needs has increased significantly. The increasing demand opened up the supply and offers like “0% interest loans”.
Well, this offer attracts many people looking for one or the other finance services. Not knowing the hidden scam behind this Akshay (name changed) got trapped in it and lost ₹1,46,000/-.
How Akshay Got Trapped in this Scheme?
“Hello Sir, I am Ritesh, talking on behalf of the Balaji Finance Company (name changed). Depending on your credit score, you are eligible to get a loan ₹5,00,000 and ₹20,00,000 at 0% interest rate.”
‘0% interest rate’, soon this statement gained the attention of Akshay. He immediately showed his interest and asked Ritesh to give more details.
Ritesh told him that the deal was facilitated by EWS Life Policy (name changed). He further added the benefits and told him that he could take a loan of ₹17,52,000 at no interest. Only to process the same he has to pay one one-time upfront fee of ₹1,46,000 for the policy.
Akshay found it a better deal and, agreed to pay upfront fees for the policy to secure a loan of ₹17,52,000.
Within 10 days, he received the policy documents. Everything seemed to be going as planned but Akshay’s excitement turned into disappointment when he didn’t receive any loan amount even after weeks of making a payment.
Akshay reached out to the representatives but to his dismay, he just received vague and unsatisfactory answers. With time, his frustration and anger started to grow and he decided to take action.
Akshay reached out to us and with the help of our team sent an email to Balaji Finance and asked for clarification and immediate resolution of his matter, highlighting the loan status.
In short, Akshay emphasized the seriousness of the situation and requested a quick resolution to minimize further distress.
Further, our team suggested to file the case to Cyber Crime.
What Can You Learn from This Incident?
Akshay’s story serves as a cautionary tale. Many companies these days promise lucrative loan offers to attract more customers. Some are genuine and others use it for their gains.
No doubt, Akshay is not alone. Many people find such schemes attractive and get trapped in it. It is therefore important to be more cautious while getting into any of the financial services.
Here are some key takeaways to protect yourself from such situations:
- Thoroughly Read the Terms and Conditions: Never make an upfront payment without fully understanding the policy’s terms.
- Verify Authenticity: Cross-check the offer with the financial institution directly to confirm its legitimacy.
- Avoid Blind Trust: Always question deals that seem too good to be true and seek legal or financial advice when in doubt.
- Take Swift Action: In case you find any thing suspicious, don’t hesitate to escalate the matter with official complaints or legal action.
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