PM Mudra Loan: This is how fraud is happening in the name of PM Mudra Loan, are you also caught in the trap?
Fraudsters are targeting people through social media apps. They send fake approval letters, claiming that the person is eligible for a loan under the Pradhan Mantri Mudra Yojana and only needs to pay a small fee to receive the money. The Fact Check Department of the Press Information Bureau shared a photo of one such fake letter on its official Twitter account. The letter claimed that a loan of ₹700,000 had been approved under the PM Mudra Yojana, but an agreement fee of ₹860 had to be paid first. The PIB has clarified that all such approval letters are completely fake.
Why does this scam work so easily?
Mudra loans are a genuine scheme and are very popular among small businesses in the country. Many people are aware of it, so fraudsters take advantage of this trust. However, an important fact that people often don't know is that MUDRA does not provide loans directly to individuals. MUDRA, or Micro Units Development and Refinance Agency, provides funds to banks and financial institutions, which in turn provide loans to small businesses. According to Adhil Shetty, it's important to remember that MUDRA doesn't provide loans directly to individuals, but rather refinances banks.
How to Identify a Fake Mudra Offer
According to experts, several signs can quickly indicate a fraudulent offer:
A processing fee or agreement charge is demanded before the loan is issued.
Receiving a message about a pre-approved loan without applying
Contacting via WhatsApp or a personal number instead of a bank branch
Unofficial approval letters issued directly in MUDRA's name
Claims of a guaranteed loan with minimal documentation
What to do if you've been scammed
Immediate action is essential.
First, inform your bank or payment provider so the transaction can be stopped. Afterward, file a complaint on the National Cyber Crime Portal or call the 1930 cyber helpline. Also, preserve evidence such as payment receipts, screenshots, phone numbers, and messages, and file a complaint with the nearest cyber cell or police station.
What is a Mudra Loan?
Under the PM Mudra Yojana, loans are offered to small businesses in four categories.
Shishu: Up to ₹50,000
Kishor: ₹50,000 to ₹5 lakh
Tarun: ₹5 lakh to ₹10 lakh
Tarun Plus: ₹10 lakh to ₹20 lakh
These loans are offered for non-agricultural businesses such as manufacturing, trading, services, and self-employment.
Experts advise always applying through a bank or official channel. If an agent or individual claims to provide a loan for a fee, they are likely trying to defraud you.
Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
