RoshanAgarwal
TF Buzz
A concerning scheme involving Axis Bank employees and credit card gamers has surfaced:
1) Multiple FDs (Fixed Deposits) are being created using lien money taken against the FDs itself, forming a pyramid of FDs as explained below:
First, short duration FD of ₹819500 is being opened on 23rd-24th of the month. A loan against the FD is being taken to get around 85% of the FD amount back and the same amount is again invested in an FD. This is repeated for 4 cycles and ultimately the customer ends up with FDs worth more than 30lacs by the end of the month(check the screenshot for getting better idea).
2) Axis Bank checks FD balance at end of the month for checking Axis Burgundy qualification.
3) Customer gets eligible for Magnus Burgundy Credit card at the beginning of the next month. He applies for the same and gets his card within 2-3 business days. Pays his fees and all his existing ER points gets transferred to Magnus Burgundy bucket (from 5:2 ratio to 5:4 ratio)
4) Customer contacts his RM and removes lien taken against his 4 FDs and closes all the 5 FDs one by one. This is being done taking into confidence axis bank employees I am being told. I am also being told, no one has been downgraded from Magnus Burgundy card to normal Magnus card although few warning have been sent to defaulting customers recently. This is perhaps possible only because of possible involvement of bank employees.
This tactic is being used to fraudulently qualify for Axis Burgundy account which helps in getting Axis Magnus Burgundy Credit Card (high-end benefits) and transferring existing reward points for double reward rate transfer ratio.
Will also share how people are sharing AEP screenshots worth lacs every month allegedly through their personal spends even after a big list of mcc exclusions some other day if I feel like sharing someday.
#AxisBank #BankingScam #AxisBank #CreditCardScam #CreditCardHacks #ccgeek #ccgeeks #DilseFraud #MagnusBurgundy #MagnusIsBack #playingwithbanks #Dilselootgaya
1) Multiple FDs (Fixed Deposits) are being created using lien money taken against the FDs itself, forming a pyramid of FDs as explained below:
First, short duration FD of ₹819500 is being opened on 23rd-24th of the month. A loan against the FD is being taken to get around 85% of the FD amount back and the same amount is again invested in an FD. This is repeated for 4 cycles and ultimately the customer ends up with FDs worth more than 30lacs by the end of the month(check the screenshot for getting better idea).
2) Axis Bank checks FD balance at end of the month for checking Axis Burgundy qualification.
3) Customer gets eligible for Magnus Burgundy Credit card at the beginning of the next month. He applies for the same and gets his card within 2-3 business days. Pays his fees and all his existing ER points gets transferred to Magnus Burgundy bucket (from 5:2 ratio to 5:4 ratio)
4) Customer contacts his RM and removes lien taken against his 4 FDs and closes all the 5 FDs one by one. This is being done taking into confidence axis bank employees I am being told. I am also being told, no one has been downgraded from Magnus Burgundy card to normal Magnus card although few warning have been sent to defaulting customers recently. This is perhaps possible only because of possible involvement of bank employees.
This tactic is being used to fraudulently qualify for Axis Burgundy account which helps in getting Axis Magnus Burgundy Credit Card (high-end benefits) and transferring existing reward points for double reward rate transfer ratio.
Will also share how people are sharing AEP screenshots worth lacs every month allegedly through their personal spends even after a big list of mcc exclusions some other day if I feel like sharing someday.
#AxisBank #BankingScam #AxisBank #CreditCardScam #CreditCardHacks #ccgeek #ccgeeks #DilseFraud #MagnusBurgundy #MagnusIsBack #playingwithbanks #Dilselootgaya
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