₹15L Loan Fraud Busted: Is Your Lender Real?

Delhi Police busted a loan fraud gang that stole ₹15 lakh from victims by posing as legitimate lenders, collecting processing fees and documents, then vanishing. Here's how to spot and avoid such scams.

Here's what happened: Delhi Police uncovered a loan fraud racket that cheated victims out of at least ₹15 lakh by impersonating legitimate lenders and collecting upfront fees.. The gang targeted loan-seekers — likely people who had searched online for quick personal loans — and convinced them to pay processing or security fees before any disbursement.. Victims lost money after handing over cash and sensitive documents to fraudsters who then cut off all contact, a pattern increasingly common across Indian cities..

What you should do: Verify any lender by searching their name on the RBI's official list of registered NBFCs at rbi.org.in/scripts/BS_NBFCList.aspx — if they're not there, don't pay a rupee.. Refuse any upfront fee before loan disbursal — processing fees, security deposits, or insurance premiums demanded before you receive the loan amount are illegal under RBI digital lending guidelines.. Report suspicious loan apps or callers immediately on the RBI's Sachet portal (sachet.rbi.org.in) or call the National Cybercrime helpline at 1930 — early reporting helps freeze fraudster accounts..

Search the lender's name on RBI's Sachet portal before applying — it shows complaints already filed against fraudulent operators, often revealing scams before they claim your money.