Pradhan Mantri Mudra Yojana fraud

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What is Mudra PMMY fraud?

Since the very successful Pradhan Mantri Mudra Yojana (PMMY) has been launched, fraudsters have been using Mudra Ltd.’s logo/address/officers’ names and photographs as well as the Prime Minister’s image on fake documents to cheat people.

How does the fraud happen?

Step 1:

Fraudsters are using the popularity of the scheme to create authentic-looking documents/letterheads by using logos and other details on their paperwork. They may use some or all of these elements — Mudra Ltd. logo, the Prime Minister’s photograph, names and photographs of Mudra executives, Bank details allegedly attributed to Mudra, official looking symbols and various company names that include the Mudra name.
Step 2:

By using convincing-looking documentation, the cheaters dupe borrowers into making payments towards processing fees, GST, insurance, and advance EMIs etc. on the pretext of disbursing MUDRA loan.
Step 3:

The victims of fraud only realise they have been cheated when it is too late.

How to save yourself from such frauds?

Always authenticate any documentation/emails by checking the official website of the entity
Look for the padlock symbol and https at the start of the website’s URL
Do not click on any links sent by email from unknown entities
Any communication that has spelling or grammatical errors is likely to be fraudulent
Do not reveal your PIN, password, OTP or banking and other sensitive data to anyone, including banking officials
Beware of offers that seem too good to be true

For more safe banking tips, click https://www.kotak.com/en/safe-banking/safe-banking-tips.html

If you receive such suspicious messages/emails/letters, call our fraud reporting number 1800 209 000 or click https://kapps.kotak.com/FraudPreLogin/ .

Warm regards,
Team Kotak Mahindra Bank

Pradhan Mantri Mudra Yojana (PMMY) fraud

What is Mudra PMMY fraud?

How does the fraud happen?