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Bima Seva Kendra

The Deceptive Interest free Loan Scheme Murli Joshi's struggle

In the evolving landscape of digital transactions, instances of financial fraud have become a concerning reality. In the realm of financial services, trust is paramount. Mr. Murli Joshi’s case exemplifies the consequences of misplaced trust and the consequences of being lured into an enticing but fraudulent offer. A successful transport company owner, Mr. Joshi’s saga of seeking an interest-free loan against his policies unveils a web of deceit involving various players in the insurance sector.

The story of Murli Joshi (All names of individuals and companies have either been changed or masked, to protect identities and client interests) – A case of deceptive interest-free loan against his policies

Having demonstrated a commendable history of loan repayment, Mr. Murli Joshi was targeted with a seemingly irresistible proposition—an interest-free loan against his policies from multiple insurance companies. It all began in 2020 when he received a call from Ms. Shivani Deshmukh and her team, representing a renowned Finance company, purporting to offer him this loan amid the backdrop of the COVID-19 pandemic.

Believing he was dealing with a legitimate entity, Mr. Joshi engaged in conversations with these agents. The plot thickened when he was advised to acquire two policies from Insurance Company A and one from Insurance Company B. The agents instructed him not to disclose the loan’s nature during the verification call, under the pretext that it might hinder the loan disbursement process.

Mr. Joshi’s confidence was solidified with the issuance of a Provision Letter for the loan, leading him to believe that the loan was forthcoming. However, the situation began to deteriorate rapidly as the agents kept postponing the loan’s disbursement date and eventually ceased responding to his calls altogether.

Feeling deceived and cheated, Mr. Joshi took his grievances to the Finance Company, only to discover that no such loan had been approved from their end. The company distanced itself from the agents and their activities, directing him towards the insurance companies instead. His attempts to reach a resolution with the respective Insurance companies proved futile as well.

In his quest for justice, Mr. Joshi composed a detailed letter, addressing Insurance Company A. He exposed the fraudulent scheme, outlining how he was coerced into acquiring multiple policies with false promises of an interest-free loan. Despite adhering to agents’ terms and paying substantial premiums, the loan remained elusive.

Bima Seva Kendra helped to get justice

An instrumental turning point in this ordeal was the intervention of Bima Seva Kendra. The in-house experts, equipped with their refined know-how, facilitated correct communication, targeted the proper vertical and ensured successful negotiation with the insurance companies. Within a remarkably efficient turnaround time of 76 days, they managed to liaise with the insurance companies and secured the recovery of the entire defrauded amount. The insurance companies recognized the injustice Mr. Joshi had faced and swiftly rectified the situation, returning the premiums he had paid for the policies.The case of Mr. Murli Joshi serves as a poignant reminder of the need for vigilance in financial dealings, especially in the digital era, where fraudulent activities and mis-selling of insurance policies have become more sophisticated. Additionally, it underscores the importance of consumer protection entities like Bima Seva Kendra, which played a pivotal role in advocating for justice on behalf of Mr. Joshi and ensuring the rightful recovery of his funds.