Beware of ATM Frauds pertaining to ‘Rent Your Space for ATM’ and ‘ATM Franchise’ or Apps offering loans.
The onset of the COVID-19 pandemic has had a tremendous impact on the Indian economy. The stringent lockdown measures imposed by the government meant that businesses were forced to shut down. While such measures were deemed necessary to keep the COVID-19 infection spread under check, for millions, it meant a loss of jobs and income. With meagre savings at hand, people started looking at alternative sources of income to make ends meet.
It was this opportune time, that the fraudsters lured people under the pretext of offering ‘Rent your space for ATM’ and ‘ATM Franchise’, by paying an initial deposit or registration fee. Some fraudulent parties also created apps and offered easy personal loans under the brand name ‘IndiCash’ or ‘Indi Cash’ which people could avail by paying an initial processing fee. The fraudsters behind the scams siphoned off people’s money under the guise of offering an alternate source of income.
Indicash is taking strict legal recourse against the fraudulent parties that are impersonating the trademarked ‘Indicash’ and ‘Tata’ brand name for duping people. However, it is important for public at large to stay alert and vigilant by knowing the modus operandi of these fraudulent parties and avoid being a victim.
#SahiKoPehchano – Modus Operandi of Fraudulent Parties V/s Indicash ATM
A) Fraudulent parties operate with fake websites leveraging Indicash brand name
These fraudsters operate with fake websites such as:
www.indicash.org, www.tataindicash.org, www.myindicash.org, among others by impersonating the registered trademarked brand names ‘Indicash’ and ‘Tata’.
Look for the original Indicash website URL:
Indicash is owned and managed by Tata Communications Payment Solutions Ltd. (TCPSL), which is one of the largest white label ATM operators in the country. The original Indicash website is www.indicash.co.in.
B) Fraudulent Parties are actively advertising through Google ads and are demanding for Processing/Registration Fee for ‘Rent your space for ATM’
The fraudsters behind the scam advertise the ‘Rent your space for ATM’ on Google. These ads take you to fake websites impersonating the Indicash brand and its website (www.indicash.net.in, www.tataindicash.org, www.myindicash.org) and prompt you to fill up the form. Once the potential victim fills in the form, the representatives from the fraudulent party contact them via mail or a call whereby they ask them to rent their real estate property for a specific period, in lieu of a security deposit, to be paid directly into their bank account. As an initial attempt, the fraudsters demand a registration fee upfront from *₹ 16, 200 to ₹ 2 lakhs. Furthermore, they provide fake receipts under the brand name ‘Indicash’.
Do not make any upfront payment as a processing fee or security deposit demanded by fraudsters. Please note, that Indicash does not demand any registration or processing fee. In fact, for renting space for Indicash ATMs, once the form is filled on the official website www.indicash.co.in, the sites are shortlisted basis business requirements. Indicash’s representatives contact the prospects of shortlisted sites to undertake a physical survey. Post a final clearance, the arrangement is taken forward with the prospective landlord directly by the Indicash representatives for legally formalising it. Indicash makes a three-month advance rental payment to the landlord which eventually gets adjusted to the future rentals, once the arrangement is formalised.
Also please note, we are currently not taking any requests for ‘Renting out space for ATM’ or ‘ATM Franchise’, due to the COVID- 19 situation. Please contact our toll free number 1800 266 2660 or write to us on firstname.lastname@example.org or visit our website www.indicash.co.in to seek any further clarification.
C)The Loan Fraud – Instant loan being offered through apps that impersonate Indicash brand name
Apart from the ‘Rent your space for ATM’ scam, there have been other fraudsters, who have been duping people by luring the general public with easy personal loans against a nominal registration fee of ₹ 600 and above. The fraudsters try to leverage the reputation and the extensive reach of Indicash to reach out to potential victims. They are operating under the name ‘Indi Rupee – Personal Finance Loans’ and ‘Indi Cash’ among others.
Please note that Indicash is a ATM Operator and manages close to 8000 ATMs in the country. It does not offer any kind of financial loan. People are requested to refrain from paying any processing fee to such fraudulent parties. For seeking any clarification, people are advised to call our toll-free number.
In case of any doubt, please follow our three tips and save yourself from fraud. #SahiKoPehchano tips:
- Stay alert and do not make any payment without due diligence on the authenticity of the company.
- You may call on our toll free number 1800 266 2660, or write to us on email@example.com or check our official website www.indicash.co.in for information and updates.
- In case of fraud, please immediately file an FIR at the local police station or report the incident at the National Cyber Crime Reporting portal at https://www.cybercrime.gov.in
Stay Alert, Stay Cautious and Stay Safe
*Disclaimer – Please note that Tata Communications Payment Solutions Ltd. (TCPSL) is not liable for any loss or damage from illegal activities of these third parties.