Retired bank manager loses Rs 2.22cr in insurance policy scam: Here’s what happened

Cyber frauds are becoming more sophisticated every day, and unfortunately, even the most cautious among us can fall victim to them. A recent case in Pune highlights just how dangerous these scams can be. A retired bank manager lost Rs 2.22 crore after falling prey to fraudsters posing as government officials. The scammers lured her into purchasing multiple insurance policies with promises of huge returns and high maturity benefits.

The victim, a 62-year-old woman, received numerous calls from individuals claiming to be from various government agencies, including the Ministry of Finance and the Insurance Regulatory and Development Authority (IRDAI). These fraudsters used names of well-known figures, such as Deendayal Upadhyaya, a late leader of the Bharatiya Jana Sangh, and other reputed finance experts, to gain her trust. They even claimed to be high-ranking officials, further convincing her that their offers were legitimate.

Also read: Man loses Rs 23.4 lakh in online stock market scam: Tips to avoid such frauds

The scam began in late 2023 and continued until recently, reports The Indian Express. During this time, the victim was asked to purchase several insurance policies. The fraudsters insisted that she pay additional amounts for various charges, including GST, income tax, TDS, transaction fees, verification charges, and even NOC charges.

The fraudsters then claimed that the payments she had already made had been sent to fraudulent accounts, and they demanded more money to recover her previous payments. Unfortunately, the victim believed these false claims and ended up losing even more money.

Also read: How a WhatsApp trading scam cost a Kerala man Rs 71 lakh

How to avoid such scams

• Verify the source: Always verify the identity of anyone claiming to be from a government agency or a reputable organisation. Official representatives will never ask for money over the phone.
• Be cautious with unsolicited calls: If you receive an unexpected call offering financial services, be alert. Scammers often use high-pressure tactics to convince you to act quickly.
• Consult trusted sources: Before making any financial decisions, especially involving large sums of money, consult with a trusted financial advisor or family member.
• Report suspicious activity: If you suspect a scam, report it to the authorities immediately. Early action can help prevent further losses.