Cyber Crime
Exposed! Hyderabad Businessman Loses Rs 81,000 to Fake Government Loan Scam!
A Hyderabad businessman was duped out of Rs 81,000 by scammers posing as agents of a government loan scheme.
HYDERABAD: In a disheartening turn of events in Serilingampally, Hyderabad, a small business owner fell prey to a sophisticated cyber scam under the guise of a government-supported loan scheme. The 34-year-old man, who runs a modest FMCG business, was looking to expand his operations and was misled by fraudsters offering a seemingly beneficial loan under the Pradhan Mantri Mudra Yojana (PMMY).
How the Scam Unfolded
The saga began with an unsolicited phone call from an unidentified number. The caller promised a business loan of Rs 1 lakh, touting attractive terms such as a 35% subsidy on the total loan amount, an annual interest rate of just 4%, and no EMIs for the first year. Excited by the prospect of easy financial assistance to grow his business, the victim complied with the initial request to submit documents along with a ‘refundable security deposit’ of Rs 5,000.
ALSO READ: Think Twice Before Investing: Navi Mumbai Man Cheated Out of Nearly 46 Lakhs
However, this was just the beginning. The fraudsters contacted him again, this time demanding additional ‘refundable’ payments for various administrative procedures, including obtaining a no objection certificate, linking accounts, and fees purportedly required by the Reserve Bank of India (RBI).
The Threats and Loss
As the demands for more money continued, the business owner’s suspicions grew. When he expressed his inability and reluctance to meet these escalating demands, the callers resorted to threats. Ultimately, he ended up losing ₹81,000, a significant setback, without ever receiving the promised loan.
Police Warning and Advice
In light of this incident, the Hyderabad Police have issued a stark warning to the public. They reminded everyone that legitimate government schemes such as the PMMY are processed only through official channels like recognized banks or directly through government websites. They stressed the importance of being cautious and urged the public not to make payments to unverified individuals or entities, regardless of how convincing they might seem.
ALSO READ: CBI Investigates Sargam Electronics for Shocking Rs 22 Crore Scandal
This incident is a sobering reminder of the risks posed by cyber fraud. It highlights the need for heightened vigilance and the importance of conducting due diligence before engaging in any financial commitments over the phone or internet. Citizens are encouraged to verify all details and to report any suspicious activities to the authorities promptly.
The hope is that sharing the details of this unfortunate scam will raise awareness and prevent future victims from falling into similar traps. If an offer sounds too good to be true, it probably is—always double-check before you act.
KEY HIGHLIGHTS
- Hyderabad businessman targeted by fake government loan scam
- Victim loses Rs 81,000 to cyber fraudsters promising a loan
- Scammers offered attractive terms including subsidy and low interest rate
- Demanded additional ‘refundable’ fees for bureaucratic procedures
- Police warn public to verify government schemes through official channels