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A farmer from Karnataka’s Koppal district lost over ₹5.5 lakh to cybercriminals after contacting a phone number displayed in a loan advertisement while visiting a bank. The fraudsters allegedly posed as bank employees and obtained his Aadhaar and ATM PIN details by promising to arrange a vehicle loan.
How Did the Fraud Begin?
The victim, Mallappa Sajjanagudda, a resident of Kyadiguppa village in Kushtagi taluk, wanted to purchase a tipper vehicle for which he needed financial assistance.
He approached an Axis Bank branch in Ilkal, Bagalkot district, seeking a loan of ₹40 lakh. However, bank officials informed him that the branch did not offer loans for such purchases.
While still at the bank, Mallappa noticed a loan advertisement displayed on an LED screen. Hoping to secure financing, he called the mobile number mentioned in the advertisement.
What Happened After the Call?
Mallappa’s initial telephone call went unanswered. However, he subsequently received a callback from a different mobile number.
The caller spoke in Hindi and assured him that the requested loan could be arranged.
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The promise came after Mallappa had already been unsuccessful in securing financing through the bank. Believing that he had found another opportunity to obtain the loan, he continued communicating with the caller.
How Did the Fraudster Gain His Trust?
According to the complaint, the person who contacted Mallappa allegedly impersonated a bank employee and offered to help process the loan application.
Under the pretext of completing the necessary formalities, the caller requested the farmer’s Aadhaar details and ATM PIN.
The accused presented these details as necessary for processing the proposed loan, leading Mallappa to disclose sensitive banking information.
How Was ₹5.5 Lakh Stolen?
Soon after obtaining the confidential information, the fraudster allegedly siphoned off more than ₹5.5 lakh from Mallappa’s bank account.
The farmer had contacted the number to obtain a loan for purchasing a vehicle but instead suffered a substantial financial loss.
The incident involved an initial call to an advertised number, a subsequent callback from another number and the collection of sensitive banking credentials under the guise of loan processing.
What Action Have Police Taken?
Following Mallappa’s complaint, the Cybercrime, Economic Offences and Narcotics (CEN) police registered a First Information Report and launched an investigation.
Police are investigating the alleged loan fraud and the circumstances surrounding the unauthorised withdrawal of money from the farmer’s account.
What Does This Case Highlight?
The incident illustrates how fraudsters can exploit a person’s need for financial assistance by offering loans and impersonating banking representatives. The accused allegedly used the promise of a ₹40 lakh loan to obtain confidential account information, resulting in a loss exceeding ₹5.5 lakh.
The case highlights the importance of protecting ATM PINs and other confidential banking credentials, particularly when dealing with callers offering financial services.
