Hyderabad, Telangana — In a troubling trend of cyber fraud targeting unsuspecting citizens, a 62-year-old Hyderabad businessman recently lost ₹1.7 lakh after scammers deceived him with a promise of a “zero-interest loan” linked to an insurance policy. This incident is the latest in a series of cybercrimes in 2024 affecting people across Telangana and other parts of India.
The businessman was contacted multiple times between August 9 and November 3 by individuals posing as representatives from a reputed finance company. They offered him a zero-interest loan on a ₹10 lakh insurance policy and provided details through WhatsApp, instructing him to submit an application form. To initiate the process, they requested an initial payment of ₹80,000. Later, they demanded an additional ₹56,050 for a health insurance policy, allegedly needed to secure further loan benefits. Finally, citing his age as a factor, they convinced him to pay for a second two-year health policy.
“After making these payments, the complainant realized the loan was never going to be approved and subsequently reported the case,” said a cybercrime official. Authorities have registered a case and begun an investigation.
Rising Incidents of Cyber Fraud in 2024
This year has seen a surge in similar cases. In September 2024, a Hyderabad-based senior citizen lost ₹2 lakh to fraudsters who convinced him to transfer money as a security deposit for a high-value loan. The scam began with a phone call, and the victim was directed to send the funds via digital transfer, with no loan ever materializing.
In another instance in July 2024, in the city of Warangal, a woman fell victim to cyber fraud and lost ₹1.2 lakh after being offered a “special low-interest loan” to help with medical expenses. She was instructed to make an initial payment as part of an “approval process,” and was later charged additional fees under various pretenses.
Major Cyber Frauds Across India in 2024
The rise in such scams has not been limited to Telangana. In Mumbai, a professional in his 50s was duped of ₹5 lakh in March 2024 after he was offered a zero-interest loan for his business expansion. Similarly, in Delhi, an IT professional was scammed out of ₹3 lakh in August 2024 by fraudsters claiming to be from a government loan assistance program.
Cybercrime officials urge the public to exercise extreme caution when approached with unsolicited loan offers or requests for payments in exchange for financial services. Many scammers use reputable company names to gain trust, but verifying credentials before making any financial commitments is essential.
With cyber fraud cases on the rise, officials are emphasizing stronger public awareness and urging residents to report any suspicious activities to the cybercrime department promptly.
