A 56-year-old resident of Navi Mumbai fell victim to online fraud, losing ₹90,000 in an alleged instant loan scam.
An FIR under section 420 of the Indian Penal Code and the Information Technology Act was filed against unidentified individuals at Kalamboli police station on Saturday, PTI reported.
The complainant, employed with a logistics company, sought a loan for his daughter’s education after seeing a Facebook post promising loans within two hours. Upon applying online, he received a call demanding insurance, GST, NOC, Reserve Bank of India charges, and two advance instalments, totaling ₹90,000.
Realising he had been deceived when the promised loan didn’t materialise, the complainant reported the incident, and an investigation is ongoing.
Why instant loan apps are risky?
Beware of unauthorised digital lending platforms and mobile apps that promise quick, hassle-free loans. Reports indicate these platforms may charge excessive interest rates, demand hidden fees, use aggressive recovery methods and misuse agreements to access borrower data including breaching your online privacy.
It’s crucial to take precautions and avoid falling victim to such schemes.
What measures you must take against instant loan trap?
• Only trust loans from banks, RBI-registered non-banking financial companies, and state-regulated entities
• Verify backgrounds of entities providing tempting loans on digital platforms.
• Ensure thorough checks on the credibility of online or app-based loan providers.
• Never share KYC documents with unidentified or unverified individuals or apps.
• Report fraudulent activities to law enforcement agencies or RBI’s Sachet portal (https://sachet.rbi.org.in).
• RBI mandates digital lending platforms to disclose upfront the name of the bank(s) or NBFC(s) they represent.
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