A new modus operandi is being adopted by insurance selling agents who are giving a call to you stating that you can get a Rs 20 Lakh Line of credit @ 10.5% which becomes risk free for the bank as it is backed by insurance policy from Bajaj Allianz or Bharti Axa. It means that you can take a loan from bank any time upto Rs 20 Lakh if you have signed the propagated insurance policy which has been linked with the Citibank account.
We also got a call and to validate the same we visited the Citibank and found that it was a hoax call and was being made to people so that out of their greed to have cheap loan, they sign the insurance policies.
We provided the phone number from which such hoax call was received and police investigation has been started at people using modus operandi with malicious intentions to undertake fraud. If you have received any such call , do inform the Citibank officials.
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