Retired teacher loses Rs 96 lakh in online insurance scam: Here’s what happened

Online scams are becoming more common. In a shocking incident, a retired teacher from Indore lost Rs 96 lakh to scammers who pretended to be officials from SBI Life Insurance. The fraud happened over two years, from 2023 to January 2025, and serves as an important reminder to stay alert against cybercrime. Keep reading to know how the scam unfolded.

The woman, who had previously purchased two insurance policies from SBI Life Insurance, received a call from a man identifying himself as Rajiv Sharma, claiming to be an official from the company. He told her that she was eligible for a surrender amount if she paid a premium. Believing the call to be legitimate, she made an initial payment of Rs 1 lakh as a processing fee.

The scammers continued to manipulate the woman, convincing her to make more payments under the guise of policy processes and future profit benefits. Over time, she made 34 online transactions, ultimately transferring Rs 96 lakh to the fraudsters, reports TOI. She only realised she had been scammed when the scammers cut off all communication.

Also read: Patna woman loses Rs 52,000 while seeking help for delayed online order

How to avoid falling for such scams

• Verify caller identity: Always double-check the identity of anyone claiming to be from a financial institution. Call the company directly using official contact details to confirm.
• Beware of urgent requests: Scammers often pressure victims to act quickly. Take your time to think and consult someone you trust before making any financial decisions.
• Never share sensitive information: Avoid sharing bank details, passwords, or OTPs over the phone or online.
• Report suspicious activity: If you suspect fraud, report it immediately to the authorities and the cyber crime helpline.

Also read: Techie loses over Rs 33 lakh in share trading scam: How to avoid falling for such frauds