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Buying a house or taking it on rent?

By Pragna L Krupa

Make certain you consult with the financial institution and hand over paperwork in my opinion as a substitute of depending on brokers

A civil engineer loses Rs Five.84 lakh after ‘mates’ of a popular non-public sector financial institution encash ‘clean cheques’ that he gave them with the applying for a Rs 1.Five-cr home loan.

The dream for a house of one’s own is fertile flooring for frauds, it sort of feels. One extra creative housing loan fraud has come to mild, this time involving a 57-year-old civil engineer. The name of a prominent financial institution has been used within the deception.

The victim, a resident of Basaveshwaran­agar, has filed a complaint with the Magadi Road police on Friday stating that he was once duped of Rs Five.84 lakh by a fraudulent company claiming to be a franchise of a popular non-public financial institution, which introduced to provide him a housing loan of Rs 1.Five crore.

The victim, who didn't wish to divulge his identification, told Bangalore Mirror that he was once making plans to use for a house loan and on March 6, he won a message from Home Pay Solutions, a company which claimed to be a franchise of the mentioned financial institution. (It isn't transparent how the company got the engineer’s quantity; he claims that he didn’t follow for a loan however had best been fascinated by it). He contacted the quantity mentioned within the message and spoke to an individual who known himself as Vishwanatha. He told him that he wanted to construct a house at his website online in Thanisandra. He then spoke to any other manager known as Madhu who mentioned he would sanction a loan of Rs 1.Five cr at a fee of 8.Five% pastime.

The company then despatched certainly one of their staff to his place of abode to assemble paperwork and cheque leaves. He mentioned, “On April four, the worker requested me to provide him 12 clean cheques and later requested for three extra because the loan amount was once large. I passed over 12 cheques of Corporation Bank below my name and 3 extra below my spouse’s name. He used the non-public financial institution’s seal on the cheques to guarantee us that the cheques won’t be misused.”

Last Wednesday, the victim mentioned he won a message from his financial institution that Rs. Five,84,000 was once deducted from his account and 3 account payee cheques have been encashed. He in an instant rushed to the financial institution and requested them to prevent fee of the cheques, when he realised that 3 extra cheques have been pending to be encashed.
When the victim attempted to contact the company and its staff, their mobile phones have been switched off. After realising that he was once duped by the company, and the representatives had entered amounts including as much as Rs Five,84,000 on the clean cheques, he approached the Magadi Road police and filed a complaint with them.
The Magadi Road police mentioned that the accused had removed the seals on the cheques and had written amounts to the track of five,84,000 and transferred the money to an account belonging to the company.

The victim additionally told BM that he had visited the place of job Home Pay Solutions in Laggere. The company had reportedly hired some early life as their staff to identify and manner possible victims. Meanwhile the Mahalakshmi Layout police mentioned that they had won a complaint from the employees of the Home Pay Solutions who alleged that the company didn't pay their salaries and had amassed their authentic paperwork similar to SSLC marks playing cards and identity proofs which had now not been returned to them. The police inspector mentioned that they have been still investigating the case as the company’s proprietors, Madhu
and Vishwanatha have been lately absconding.

Ravi Channannavar, DCP West mentioned that the incident had come to their realize and they might be taking strict motion towards the ones involved within the case.

Take care, say mavens

The upward push of monetary frauds, say mavens, is because of the over dependence on on-line banking. Ramesh Kumar, a retired public sector
financial institution manager mentioned that the recent technology was once extra used to on-line banking and getting their paintings carried out thru brokers that they didn't invest time in going to a financial institution and doing business the outdated way. “Online transactions don't seem to be safe as one does now not know who one is transacting with at the other end,” mentioned Kumar.

Talking about provider at your door, Kumar mentioned the shoppers would now not know if the person at their door is in fact from the financial institution or an impostor. “It is very easy to get reproduction identification playing cards. The consumers will have to at all times move take a look at with the branch manager of the financial institution earlier than sharing any paperwork with brokers or individuals who come to their doorsteps. Customers can at all times take a photograph of the agent and send it to the financial institution manager to confirm his identification,” mentioned Kumar.

He additional mentioned that buyers will have to in my opinion meet the branch manager and hand over cheques at the financial institution premises and acquire the acknowledgement.

Otherwise cheques may well be misused, he mentioned.

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