Two residents of Indore have fallen victim to cyber frauds posing as Bajaj Finance employees, highlighting a growing trend of scams exploiting brand names and digital lending lapses, with over ₹50,000 lost in separate incidents.
Two residents of Indore have lost money in separate cyber frauds after callers posing as Bajaj Finance employees promised them loans of ₹1 lakh and then demanded processing fees, according to local police reports.
In the first case, Harishchandra Baretha, a resident of Ahilya Ashram, told Banganga police that he received a call on 30 September from a man claiming to represent Bajaj Finance. The caller said a ₹1 lakh loan had been approved in his name and backed up the claim by sending fake identity cards on WhatsApp. Baretha was then persuaded to make a series of payments through PhonePe across seven QR codes, transferring a total of ₹25,859 from his SBI account. When no loan arrived, he alerted the cyber helpline.
Police in a second case said Suresh Malviya, from Shyana, was cheated out of ₹27,830 between 10 September and 24 September after being contacted by someone using the name “Bajaj Finance Service”. The fraudster allegedly convinced him to make several online transfers. Taken together, the two loan-related scams cost the victims ₹53,689.
The incidents come amid a wider pattern of impersonation fraud targeting people with offers of quick loans or easy money. In a separate case reported by the same publication, Vinod Halde, a resident of Raja Bagh Colony, said he was drawn into a Telegram group called “Myntra E-commerce Working” after someone claiming to represent Myntra promised earnings for completing online tasks. He later transferred ₹29,202 in multiple payments, received a partial refund of ₹4,578 to build trust, and was then asked for another ₹60,000 deposit before his funds would supposedly be released. The case is another reminder that scammers often use brand names, forged documents and small initial refunds to create a false sense of legitimacy.
According to RBI action reported by Business Standard, Economic Times, Medianama and The Week in 2023, Bajaj Finance was barred from issuing loans under its eCOM and Insta EMI Card products after the central bank found lapses in digital lending compliance, including failures to provide Key Fact Statements. That episode has no direct link to the Indore frauds, but it may have helped scammers exploit the company’s name by making the loan pitch sound more credible.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
