Agent promises to legally cancel your bank loan for a fee — it is a scam
Scammers posing as financial advisors contact borrowers on WhatsApp or SMS promising to legally eliminate outstanding loans for a fee. They issue fake 'debt waiver certificates' that no bank recognises. You lose the fee and still owe the full loan.
Also known as: fake debt waiver scam, loan cancellation agent scam, debt waiver certificate fraud, loan settlement agent fraud
Already happened to you? Do this in the next few minutes
Call 1930 now- 1 Call 1930 — the national cyber-crime helpline — right now. The sooner you report, the better the chance of freezing the money before it moves.
- 2 Call your bank to freeze the account and block the card immediately. Use the number printed on your card, never a number from the message or caller.
- 3 File a report at cybercrime.gov.in and keep every message, screenshot, and transaction ID.
What to do right now
- 1 Do not pay any fee — a real loan settlement is always negotiated directly between you and your lending bank, never through a third-party agent
- 2 Call your bank's official customer care number (printed on your loan statement or the bank's website) to verify whether any waiver scheme applies to your account
- 3 If you have already paid a fee, call 1930 immediately — the faster you report, the better the chance of a hold on the mule account
- 4 Preserve all WhatsApp screenshots, payment receipts, and the phone number of the agent for the police complaint
- 5 Report at https://cybercrime.gov.in or call 1930 (national cyber helpline).
Red flags
- ⚠ No third party — agent, legal firm, or fintech — has authority to waive a loan on a bank's behalf; only your lending bank can settle or write off a loan
- ⚠ Scammer quotes RBI or government schemes that supposedly allocate funds for loan waivers — no such general waiver fund exists for individual borrowers
- ⚠ You are asked to pay a 'processing fee', 'legal documentation fee', or 'compliance charge' upfront before any benefit is delivered
- ⚠ The 'debt waiver certificate' you receive has official-looking seals but your bank dismisses it entirely as fake
- ⚠ Pressure to pay quickly: 'The waiver window closes in 48 hours' or 'Only 12 slots remaining'