Few days back, I got a call from 07210412269 (True Caller Name : HDFC Loan V. Ar). A girl from other end asked me if I need an Interest Free Loan. The phrase got my attention instantly because I myself was planning to apply for a loan. But personal loan with 0% interest was a treat for me. She said, “I am calling from Citibank we are offering Personal Loan with 0% interest, are you interested?” My obvious answer was “YES”. She asked my PAN, date of birth and address to forward the file to her senior. For a second, I thought about True Caller name too, why is it like HDFC….?? But excitement made me ignore that.
After half an hour, I got a call from 09210374215 (True Caller Name : Citibank Loan and Offer), he told that his name is Amit calling from Citibank and explained me about the scheme. The transcript follows :
“Customers can apply for an interest free personal loan from Citibank. They will get a period of 10 years to liquidate that amount in 10 instalments. For example, if you are availed with an amount of 10 lakh as loan amount then you will have to pay Rs. 1,00,000/- every year till next 10 years.”
I was like WOW and confirmed if I need to pay any other amount too or hidden charges ? He replied nothing else will be charged. Before, I could ask the next question, he himself started it as the second part.
“Now you would be thinking what is Citibank’s benefit behind it ? Actually, the instalments which you would be paying is for an insurance from Bajaj Allianz. You will be paying those as loan instalments against a life insurance policy named as Bajaj Allianz Sala Surakash Yojana. The matter is, you won’t be getting the maturity amount of that Policy, all the profit belongs to Citibank only.”
The scheme sounded genuine to me and after asking few more questions I decided to move forward. He said a senior will call me for verification and let me know about by Personal Loan eligibility on the basis of my CIBIL score. After 15 minutes, I got a call from 07210379983 (Sidharth Gupta), he asked all my details very professionally. In fact, the way of talking of all three people was exactly like the way of tele-calling executives for credit cards, loans, insurances etc.
Sidharth confirmed all the information and repeated the scheme. Before disconnecting the call he said he will check my CIBIL Score and let me know about my eligibility for loan. Within half an hour I got his call and he notified that I can get a loan of Rs. 7 lac only, not more than that. I said okayyyy !, tell me the documents which I have to give you. Sidharth said, an ID proof, address proof, 2 photographs, cancelled cheque and another thing for which they haven’t informed me till that time, a cheque of Rs. 70,000 (first instalment). This statement made me doubt on him. When I asked why do I need to pay Rs. 70,000/-, he told me that I have to pay the first amount in advance. Payment mode will be cheque and it will be credited towards Bajaj Allianz. It is one of the terms and conditions of loan scheme. I said ok, you can collect the documents tomorrow. He said, tomorrow is Saturday, our executive can be on leave. I will be glad if you could make it today. I denied, so we fixed it on Monday.
On Monday, I received the call of Amit, he asked me the time at which the executive may come to collect the documents. I said by 2 pm, he noted that down. Then he said by becoming an agent of Bajaj Allianz you can also earn a commission on your own premium too. I asked how, he said you are referring yourself for Bajaj Allianz Insurance and 30% commission of your premium will arrive in your account. Should I make you an agent, I said yes, please do so (till now, I had already decided to check him).
He texted me my agent code after sometime. My agent code for Bajaj Allianz was SROOIRAC. I was amazed how rapidly they are working. In next call, he asked me to not tell anything to the executive who will come to collect my documents. Why ? Because he may misguide me to take policy through his agent code to get commission. So, neither tell him that you are getting any loan against this policy nor let him know that you are your own agent. For now, I was almost sure that this is a fraud call.
I started putting questions again, those were :
Me : Sir, would you please tel me the name of your Citibank loan scheme ?
He : There isn’t any specific name sir, it is just a plan.
Me : Who will come to collect my documents including cheque ?
He : An executive from Bajaj Allianz, remember don’t disclose anything in front of him. Just tel him that you have applied for an insurance policy.
Me : When will your executive will come with loan papers to complete the procedure.
He : Within 5 days.
Me : So, today I will be signing the papers of insurance policy only ? Right ?
He : Yes sir, as soon as Citibank gets the confirmation of you policy we will start the procedure for your loan amount and it will be credited into your account within 20 days.
I said thank you, please tell the executive to call me before coming to my place. He replied, you will get 2-3 calls from different departments of Bajaj Allianz , the timings will depend on your comfort only.
I was at gym when I was having this conversation. I took a break and searched about it on internet, whether Citibank is running such scheme or not ? You know what I got ? Follow these links :
HDFC Life — Fake offer for personal loan of 100 % of your Sum insure @ 0 % ROI for 10 years against hdfc life jeevan samruddhi Policy.
Link : www.consumercomplaints.in/loans/hdfc-life-c802549
Reliance Cash Flow Plan-Cheating
Link : www.complaintboard.in/complaints-reviews/reliance-life-insurance-l24683.html
Fraud call for Loan against policy for Reliance Life Insurance
Link : www.grahakseva.com/complaints/227235/fraud-call-for-loan-against-policy-for-reliance-life-insurance
Misleading / fake information about loan against reliance policy
Link : www.grahakseva.com/complaints/157588/misleadingfake-information-about-loan-against-reliance-policy
Reliance Policy against Fake Personal Loan
MISSOLD OF POLICY BY GIVING LOAN OFFER
So, many complaints of the victims who have been cheated by such frauds. Around 12, I got a call from Bajaj Allianz call centre, he asked me whether I have applied for a policy. I confirmed him, if the company is a part of any Loan Against Policy scheme or not ? He clearly said No, there isn’t any such scheme. I told him please close my file, I don’t need any insurance policy.
After a while, Amit called me I couldn’t pick his call. Within 5 mins Sidharth called me and asked whether I have fixed the appointment or not ? I replied, I will fix that can you please tell me your employee code, I would like to confirm your identity on Citibank’s helpline. Abruptly, he disconnected my call and since then neither he nor any other of them called me again.
All three people in this scam were talking very professionally, gently and make you feel like they are genuine. There are so many people who would have been trapped by such schemes. They are earning commissions by imposing Insurance Plans on customers. I am sure employees of companies are also indulged in it. Please stay aware and beware people too. I urge Citibank, Bajaj Allianz and Govt. Authorities to take action against such fraud calls.