Bajaj Finance Limited has cautioned its customers and the public at large to stay vigilant against fake loans offered by fraudsters in exchange of an insurance policy purchase.
In a statement, Bajaj Finance said, fraudsters are duping the public. by luring them to compulsorily buy life insurance as a pre-condition to avail a loan. They are also impersonating to be a representative of Bajaj Finance Ltd. and misguiding the public to buy an insurance policy by stating that the premium amount shall be some percent of the loan amount desired by potential borrowers.
According to Bajaj Finance the Modus Operandi of the fraudsters is mostly as under:
The insurance policy is used as a bait by the fraudster who ensures that the victim receives all insurance documents from the insurance company. The Fraudster stays in contact with the victim for a long time and cites excuses for the delay in the loan disbursal process.
Most insurance policies have a 90 days free look period for insurance policy, where the customer can cancel the policy, and the premium will be refunded. After the said free look period is over, the fraudster will stop answering the victim. It is thereafter that the victim realises about the suspicious conduct of fraudster and reaches out to Bajaj Finance Ltd.
Bajaj Finance has also alerted its customer through its social media handles to not to fall for such traps by fraudsters. The post states:
‘Loan lenekeliye life insurance policy purchase karnazaroorihai’. Aur ye jhoothai!. Always remember that Bajaj Finance Ltd., does not require you to make a compulsory purchase of any other products to avail a loan. Don’t fall into such traps!”
Bajaj Finance is the lending and investment arm of Bajaj Finserv.