Fraud Alert: Beware of Low-interest Loan and Job Scams
Mumbai-based Manoj Kumar Poddar needed a business loan and when someone offered him the loan at a lower interest rate, he readily agreed. He even paid nearly Rs1 crore as a fee or commission to obtain the 'attractive' (read lower) interest rate offered on the loan. However, he neither received the loan nor the lower interest. He is one of the victims of the loan fraud. But more about it later.
Source: moneylife.in