Muthoot Finance warns against scamsters and frauds

MUTHOOT-FINANCEMuthoot Finance, one of India’s leading gold loan companies, has cautioned people against paying money to so-called agents in return for loan approvals.

“In a recent instance, an unidentified organisation has fraudulently attempted to lure customers/investors, through the platform of Muthoot Finance, by sending bogus loan approval letters to unsuspecting people,” the company said.

To process the loan, the ‘agents’ then ask for money.

“The unsuspecting customers are further instructed by these fraudulent organisations to submit their details like residential address, ID proof and credit card details along with processing fee of INR 3,350 by cash to a dubious representative of Muthoot Finance.”

This is the latest in a series of similar scams engaged in by unscrupulous actors.

IT job scams and telecom tower scams are the other type of dangers that await the naive.

In IT job scam, ‘agents’ approach unemployed youth with the promise of getting them a job in top companies like TCS and Infosys, only to flee after taking money from the candidates.

Similarly, in ‘tower scam’, people are approached with a proposal for putting up a tower on their house, promising income of 25,000-50,000 per month. In return, these agents ask for an initial payment of Rs 10,000-20,000.

Muthoot Finance said clarified that it does not accept or take any money before grant of any loan against Gold ornaments and all business transactions are done through its branch staff at the branches only.

“Muthoot Finance strongly cautions the public against sending money or disclosing bank or credit card details to any person who claims to represent Muthoot Finance or to have a relationship with the company.”

Ranjit Singh, General Manager- Operations, Muthoot Finance Ltd said, “We are concerned about the harmful impact of such fraudulent practices on our customers in rural, semi-urban and urban areas. The company is looking into the matter and is also taking appropriate legal and punitive actions to curb fraudulent claims by fake companies and fraudsters.”

It urged customers to call on its headquarter helpline 0484-2396478 in case they are approached by so-called agents.