Tirupati Fincorp Limited has formally clarified that an entity operating as "Tirupati Balaji Finance" is falsely using its name to solicit loan-related payments. The company confirmed it has no connection to this entity, which was found issuing unauthorized loan confirmation letters. Investors and the public are advised to exercise caution and avoid sharing financial information or making payments to these unauthorized parties.
Tirupati Fincorp Issues Alert Regarding Brand Impersonation
Tirupati Fincorp Limited has reported the misuse of its brand name by an unauthorized entity. The company detected a fraudulent "Business Loan" confirmation letter for Rs 12 crore issued by an entity calling itself "Tirupati Balaji Finance."
Reader Takeaway: Tirupati Fincorp warns public against fraudulent loan schemes; no association with 'Tirupati Balaji Finance' confirmed.
What just happened
Tirupati Fincorp informed the stock exchange that an unauthorized party is soliciting funds under the guise of the company’s name. This entity requested Rs 24,500 for processing fees related to a fictitious loan offer. The company has clarified that this document is fraudulent and was not issued by their office.
Why this matters
Unauthorized use of a listed company's name for financial transactions can lead to significant reputational damage and potential loss for the public. By reporting this to the exchange, Tirupati Fincorp aims to protect its brand integrity and prevent shareholders or the public from falling victim to financial scams.
Company Clarification
- No authorization: The company has confirmed no relationship with "Tirupati Balaji Finance."
- No loan issuance: The company has not sanctioned or processed the alleged Rs 12 crore loan.
- Legal action: Management is currently evaluating legal and regulatory steps to address this impersonation.
Investor Advisory
Shareholders and the public are strictly advised not to make any payments or share personal banking data based on unsolicited correspondence. Always verify loan offers through official Tirupati Fincorp communication channels before engaging in any transaction.