Hyderabad: Moving over OTP fraud, scamsters are now luring common man posing as 'financial executive' congratulating customers of a 'pre-approved' loan.

City cops say that in the last two months around 10 such cases have come to the fore. They lure prospective prey over text messages and calls.

Shedding light on their modus operandi, cops say the accused typically send SMS or call the victim and inform him/her about the loan which is typically Rs 5 lakh or more and that it has been approved and needs a few details to get the final sanction.

In a few cases, victims are asked to maintain a minimum balance to ensure that their EMI payments, once the loan is sanctioned, goes smoothly.

In a recent case, a delivery boy in his mid-twenties, lost Rs 32,000 to the 'dark web' who posed as Mahindra Finance employees. He was told that his Rs 5 lakh was sanctioned and explained to him the EMI options and asked Mahesh to keep Rs 32,000 into the account which was later siphoned off.

Cops say that with many people not falling for the OTP fraud, fraudsters have found this new way to cheat people. Police fear that staffs of big finance companies have a role to play as they sell the data to make quick bucks.

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