Personal loan, Sept. 18 -- A 45-year-old man from Marredpally in Telangana recently fell victim to fraud. Fraudsters managed to secure a loan in his name and transferred over Rs.13 lakh in several transactions.

This happened after someone fraudulently got a Rs.12.5 lakh loan approved in the victim's name, only to transfer the money from his account to their own accounts. Besides the loan amount, he also lost Rs.50,700 from his current account, reported The Hindu.

This was quite an unusual case and does not happen to every other customer. Getting the loan approved in someone else's name requires either collusion of bank officials or a high level of technological prowess and manipulation by the fraudsters.

However, each financial crime t...