KOCHI: A new online loan scam in the name of financial solution companies, including Jupiter Capital Pvt Ltd founded by Union Minister Rajeev Chandrasekhar, has surfaced. Unlike in the past, swindlers are now interacting with victims in their mother tongue to make their schemes more convincing.
One of the victims, Manu Krishnan, was desperate for funds to undergo a surgery. Last week, he came across an advertisement on Facebook taken out in the name of Jupiter Capital. A driver by profession, Manu clicked the apply button and received a call from a person who introduced himself as a manager of Jupiter Capital. “The person told me that the company is owned by minister Rajeev Chandrasekhar and urged me to check its website. He forwarded me an online link and asked us to create a login ID. I did as directed and also attached bank account details, my Aadhaar card and a photo. I applied for a Rs 1 lakh loan,” Manu said.
His contact later informed Manu that his loan had been approved and that the money can be collected from the company’s Bengaluru office. Manu was told the amount will be transferred, in case travelling to Bengaluru was an inconvenience, if 10% of the loan amount was paid as guarantee. This was to be reimbursed along with the original loan amount.
“I opted not to travel to Bengaluru and paid Rs10,000 to their bank account. After a few hours, I received another call that said my bank account number provided on the website was wrong and that Rs 40,000 has to be paid as penalty. The amount was also to be returned along with the loan amount. The procedure was completed after borrowing money from friends,” the Kollam native said.
When the loan was not forthcoming Manu contacted the manager, who informed him that due to GST issues he will have to part with another Rs 30,000, which will all be refunded along with the loan amount. “I ended up paying Rs 80,000 for a Rs 1 lakh loan. After I made the payment, the manager went incommunicado. The only response I received was that the loan was being processed,” Manu said.
Cyber law expert advocate Jiyas Jamal said that numerous people, including housewives, have been targetted. “Racketeers ask victims to check online the antecedents of companies. Because this is carried out in the name of registered companies, many get fooled. Over 10 such cases have come to our notice. But the number of people who have lost money will be much higher,” he said.
The scam has taken on menacing proportions that Jupiter Capital has added a ‘fraud awareness disclaimer’ on its official website: “Jupiter Capital Private Limited does not provide loans any through cold calls or WhatsApp or any other online mode and do not encourage public to register on jupitercapital.net.ce for any loans whatsoever. The website jupitercapital.net.ce is a website created by fraudsters and does not belong to us.”
Maya (name changed) fell victim to a similar racket. She lost Rs 30,000 after applying for a loan on the fake Axio website to help a friend last month. On realising the deception, she approached the Pathanamthitta cyber police, who gave her a cold response. “If they had acted fast, I would not have lost the money. Bank officials urged the police to freeze the account of the accused. Instead, my bank account was frozen,” Maya, from Adoor, said. Thiruvananthapuram native Shahina (name changed) was tricked out of Rs 40,000 after applying for a loan with Axio “I applied for the loan to procure more grocery stock. Now, after losing the money, my business is on the verge of collapse. I don’t know whether I will ever get the amount back,” the entrepreneur said.
Cyber police officers said similar cases have been registered at various police stations in the state and investigations are on. “People should not apply for loan from agencies not authorised with RBI. The most common method of fraudsters is to post adverts on social-media platforms. Only seek loans from reputed banking institutions and cross check with people working there,” an officer said.