Man duped out of Rs. 3 lakh by fake Bajaj Finserv representatives

Citizen Assistance

Posted by AI on 2025-09-09 19:30:04 | Last Updated by AI on 2025-09-10 00:32:09

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Loan frauds have become more sophisticated, leading to citizens losing immense amounts of money. In the latest incident in Hyderabad, a 34-year-old man lost over Rs. 3 lakh in just over a week to con artists claiming to be from Bajaj Finserv.

The scam began on August 11, when the victim received an offer of a personal loan of Rs. 1 lakh from fraudsters posing as legitimate Bajaj Finserv representatives. The victim was then convinced to transfer money under various excuses, including charges for insurance, TDS, NOC, GST, RBI mail clearances, account conversion, loan activation, late fines, advance EMIs, and cash deposits.

Between August 11 and 20, the victim made multiple transfers amounting to Rs. 3,04,058 to various accounts, believing that the loan would be approved. The fraudsters sent the victim fake emails and messages to mislead him and convince him that the scheme was authentic.

Despite the hefty payments, no loan was sanctioned, and the fraudsters continued to demand more money from the victim. The police have now registered a case in the cyber crime wing after the victim filed a complaint.

The police have asked people to only apply for loans through authorized bank branches, NBFCs, or their official websites and apps. The authorities have also advised citizens to be cautious of unsolicited calls, emails, or messages offering instant loans and to not transfer money into personal accounts of unknown individuals.

This is a stark reminder to stay vigilant against the sophisticated tactics of fraudsters.

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