Bank manager orchestrate loan fraud to Siphon Off Crores: 5 Money Tips to see and avoid scams

The manager of a state engineer was recently arrested in Lucknow for abusing loan applicants documents to lead funds to his personal use to shell companies. The Jankipuram branch manager of Union Bank of India, along with some accomplices, was arrested, reports the Times of India. He is accused of using his official report -IDs and forged documents to sift the rupees of rupees through fraudulent mud and car loans. He and his three accomplices are now behind bars. While it was a criminal case and loan applicants should have been unknowingly captured, it is important for loan applicants to be careful when applying for a loan. Here are some money lessons you can learn from the scam I. Do online loans to: It is recommended to apply online for a loan rather than submitting physical documents, which can be abused by the people who receive it. Ii. If there is suspicion: If you have a suspicion about the abuse of documents, you should not refrain from reporting it to the bank of the bank immediately. Iii. Bank ratio: It is usually recommended to borrow from the borrowers with whom you have a long bank ratio. For example, if you have a salary bill in SBI, it is recommended to approach it for a personal loan before approaching a new lender. Iv. Individuals in the bank: It is important to distinguish between a bank and its employees. Even the Reserve Bank of India (RBI) regularly places ads to inform users that customers should not share OTP with anyone, not even with the bank employees. Q. Warning: It is recommended that you do your own research on the loan application process, rather than relying on one or two bank employees. Everything is already shared on the lender’s website. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. Visit here for all updates for personal finance