In a distressing case of cyber fraud, a 63-year-old woman from Paldi, Ahmedabad, lost her entire life savings amounting to a staggering Rs 32.8 lakh while attempting to secure a simple loan of Rs 10 lakh. The elaborate scam, which began with a social media advertisement, saw the victim being systematically drained of her funds by men impersonating officials of a reputed finance company.
The Lure of a Low-Interest Loan
The victim, who lives alone and works as an accountant for two private firms, came across a Facebook advertisement in July 2025. The ad promised loans at an attractive interest rate of just 4%. In need of funds, she contacted the phone number provided. She was soon approached by a man who identified himself as Santosh Nair from the loan department of the finance company.
The caller first asked for her Aadhaar and PAN card details to process the application. To build trust, he later sent her a loan approval letter on a forged letterhead. The document appeared highly official, complete with the woman's photograph, the promised loan amount of Rs 10 lakh, EMI details, and counterfeit seals and signatures.
A Systematic Drain of Savings
Convinced by the authentic-looking documents, the woman made an initial payment labeled as an "entry fee." This was just the beginning. Over the following weeks, the fraudsters invented a series of charges to extract more money. They demanded payments under various false pretexts, including:
- TDS (Tax Deducted at Source)
- Insurance premiums
- GST charges
- RBI verification fees
- NOC (No Objection Certificate) charges
- Late payment penalties
- Finance ministry charges
The complainant, hoping to finally receive the approved loan, made multiple payments between July and August 2025. She used UPI, NEFT, and direct bank transfers, drawing money from both her personal savings account and a company account she was authorized to operate. In total, she transferred Rs 32.8 lakh to various mobile numbers and bank accounts provided by the scammers.
The Unraveling and Police Action
Despite repeated assurances, neither the loan amount nor any refund of the deducted charges ever reached her account. When she refused to make further payments, the accused stopped answering her calls. She then began receiving calls and messages from unknown numbers pressuring her to "cooperate." This raised her suspicions, and she finally contacted the cybercrime helpline in September 2025.
According to officials, the Cybercrime police took four months to formally lodge a complaint in the case. The police noted that the accused used sophisticated tactics, including forged documents, fake approval letters with logos of legitimate financial institutions, and impersonation to gain the victim's trust. Investigators are now analyzing bank transaction records, mobile numbers, and digital evidence like WhatsApp chats to trace the perpetrators.
This case highlights the growing menace of online financial fraud targeting vulnerable individuals. Cybercrime officials urge the public to exercise extreme caution with unsolicited loan offers on social media, never share sensitive documents like Aadhaar and PAN with unverified entities, and always cross-check the credentials of financial companies through official channels before transferring any money.
