Rohit Sethi files a complaint against Yuvaraj Finance Pvt. Ltd. for a fraudulent loan of ₹500 issued against his PAN Card. Learn how PAN misuse affects CIBIL score, legal remedies, and consumer rights.
Note: If this issue is resolved, the concerned brand or the complainant may contact us at support@choice4voice.com. After proper verification, we will either update this article as “Resolved” or delete it, ensuring fairness to both parties.
Complaint Summary : Fraudulent Loan Sanctioned Against PAN – Complaint by Rohit Sethi Against Yuvaraj Finance Pvt. Ltd.
| Field | Details |
|---|---|
| Complainant Name | Rohit Sethi |
| Company/Entity | Yuvaraj Finance Pvt. Ltd. |
| Incident | Fraudulent loan sanctioned against PAN Card |
| Loan Amount | ₹500 |
| Date of Loan Sanction | 5th April 2023 |
| Location of Fraud | Delhi |
| Impact | Negative impact on CIBIL score |
| Actions Taken | Contacted customer care, emailed, spoke to representatives, lodged police complaint in Vadodara, Gujarat |
| Company Contacted | care@rapidrupee.in |
| Resolution Sought | Loan closure, correction in CIBIL report, investigation of fraud |
Full Complaint Report
Rohit Sethi, a professional working in the SAP sector and a certified PMP®, has raised a serious complaint against Yuvaraj Finance Pvt. Ltd. for sanctioning a fraudulent personal loan of ₹500 on 5th April 2023 against his PAN Card.
According to the complainant, he discovered this fraud only when he checked his CIBIL score recently and noticed an unauthorized loan that significantly impacted his credit score. The sanction letter, which was later received by him on 24th August 2025, mentioned details such as bank account, address, email ID, and mobile number – none of which belong to him.
Actions Taken by Rohit Sethi
- Contacted customer care and emailed at care@rapidrupee.in.
- Spoke to company representatives Mr. Vijay and Mr. Harish, but they refused to take responsibility.
- Lodged a police complaint at his local police station in Vadodara, Gujarat.
Despite these steps, no resolution has been provided by Yuvaraj Finance Pvt. Ltd. The fraudulent loan remains active, continuing to damage his financial credibility.
Key Concerns Highlighted
- Fraudulent loan sanction without consent.
- Severe impact on CIBIL score affecting financial future.
- Lack of support from Yuvaraj Finance representatives.
- Legal and financial harassment caused to the complainant.
The complainant has urged the company to investigate the matter thoroughly, close the fraudulent loan, and rectify his CIBIL report immediately to prevent further financial damage.
Why This Case Matters
Cases of PAN Card misuse and fraudulent loan sanctions are increasing in India, affecting thousands of consumers. Financial institutions are required under the RBI Guidelines and Prevention of Money Laundering Act (PMLA) to verify customer details before disbursing loans. Any failure to do so constitutes a serious breach of compliance and consumer trust.
This complaint also raises questions about data security and KYC verification standards in non-banking financial companies (NBFCs).
Related LinkedIn Post
Original complaint shared on LinkedIn by Rohit Sethi: View LinkedIn Post
FAQs on PAN Fraud, Loans, and Consumer Rights
1. What should I do if a fraudulent loan is taken against my PAN Card?
You must immediately report the issue to the lender, file a police complaint, inform CIBIL/credit bureaus, and notify RBI Ombudsman.
2. Can a fraudulent loan affect my CIBIL score?
Yes. Even if the loan was not taken by you, it will reflect as a default or active loan, reducing your credit score significantly.
3. How can I check if loans are issued against my PAN?
You can check your CIBIL report or use services like Experian, Equifax, or CRIF Highmark.
4. Is Yuvaraj Finance Pvt. Ltd. responsible for this fraud?
Yes, as per RBI guidelines, the lender must ensure proper KYC and identity verification before sanctioning any loan.
5. Can I legally sue the company for such negligence?
Yes. You can file a complaint under the Consumer Protection Act, 2019, and also approach civil courts for compensation.
6. Does RBI regulate NBFCs like Yuvaraj Finance?
Yes, NBFCs are regulated by the Reserve Bank of India, and all financial transactions must comply with RBI norms.
7. How long does it take to fix a CIBIL score after reporting fraud?
It may take 30–90 days depending on how quickly the lender corrects the records.
8. Can police help in removing a fraudulent loan from my CIBIL?
Police can investigate and provide documentation that helps you prove fraud, which can be shared with CIBIL and the lender.
9. What documents should I keep when filing a fraud loan complaint?
Keep your PAN card copy, CIBIL report, sanction letter, police FIR copy, and all communications with the lender.
10. Can I request CIBIL to block fraudulent loans directly?
Yes, you can raise a CIBIL Dispute Resolution request online with supporting documents.
11. What are the penalties for companies issuing loans without proper KYC?
They can face penalties under RBI regulations, criminal charges under the IPC for cheating, and compensation claims under consumer law.
12. How can I prevent misuse of my PAN in the future?
Avoid sharing photocopies of PAN openly, and always mask unnecessary details when submitting documents.
13. Who should I escalate to if NBFC refuses to cooperate?
You can escalate to the RBI Ombudsman and also file a case with the National Consumer Disputes Redressal Commission (NCDRC).
14. Is filing a complaint with IRDAI necessary in such cases?
Not for loans (since IRDAI regulates insurance), but RBI is the right regulator for finance companies.
15. Can fraudulent loans lead to criminal charges against the victim?
No. If you report on time, you will not be held liable. The fraudster and negligent lender may face criminal charges.
16. What rights does a consumer have under the Consumer Protection Act, 2019?
Consumers have the right to safety, information, redressal, and compensation in cases of fraud or deficiency in service.
17. Can PAN misuse also lead to GST fraud or other financial crimes?
Yes. PAN is linked with multiple services like GST, income tax, and bank accounts, making misuse highly risky.
18. How do I report PAN misuse to the Income Tax Department?
You can report PAN misuse through the TIN-NSDL portal or by contacting the Income Tax Department directly.
19. Is it possible to freeze my PAN temporarily?
No, PAN cannot be frozen, but you can monitor credit reports and raise disputes for suspicious activities.
20. Can I claim compensation for harassment caused due to fraudulent loans?
Yes, you can demand monetary compensation for financial and mental harassment through consumer court or civil litigation.
Choice4Voice.com Is Here to Help You
If you are facing a similar issue and would like our support in highlighting your concern, we are here to assist.
Simply write a LinkedIn post and tag our official page Choice4Voice.com
Submit your complaint directly : https://choice4voice.com/submit-your-complaint/
Our team will review and feature your case on our website to ensure it gets the attention it deserves.
