Fraud Alert
Pune Bank Manager Loses Rs 2.22 Crore in Multiple Insurance Policy Scam
A 62-year-old retired bank manager from Pune has fallen victim to an elaborate cyber fraud, losing Rs 2.22 crore over several months. The scam involved fraudsters impersonating government officials and persuading the victim to invest in multiple insurance policies with promises of high maturity benefits.
The Scam Unfolds
The fraud began in late 2023 and continued until recently. According to the police complaint, the victim received numerous calls from individuals claiming to represent esteemed government agencies, including the Ministry of Finance, the Insurance Regulatory and Development Authority of India (IRDAI), and the National Payments Corporation of India (NPCI).
To establish credibility, the scammers misused the names of prominent figures such as Deendayal Upadhyaya and fabricated titles of finance experts and government officials. Their convincing demeanor and false assurances led the victim to believe their claims.
Over time, the victim was persuaded to purchase several insurance policies and make repeated payments under various pretexts, including GST, Income Tax, TDS, transaction fees, verification charges, and NOC fees.
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Layers of Deception
The criminals operated under at least 19 different identities to maintain their facade. Whenever the victim complied with payment requests, the scammers demanded additional funds, citing reasons like processing fees or recovery charges.
In a further twist, the victim began receiving calls from supposed officials claiming that her earlier payments had been diverted to fraudulent accounts. To recover the lost funds, she was instructed to make even more payments, ultimately depleting her savings.
Investigation Underway
The case is currently under investigation. Authorities are urging the public to remain vigilant against such scams, which are becoming increasingly common.
Tips to Stay Safe
To avoid falling prey to similar frauds, individuals are advised to:
- Verify Caller Identity: Always cross-check the identity of callers claiming to represent government agencies or financial institutions. Use official contact details from their websites.
- Protect Personal Information: Never share sensitive details such as bank account numbers, OTPs, or policy numbers with unknown individuals.
- Be Skeptical of Unrealistic Offers: Promises of high returns or guaranteed benefits should raise suspicion.
- Confirm Payment Legitimacy: Be cautious about demands for payments like GST or TDS. Always verify the legitimacy of such requests with the concerned organization before proceeding.
This incident serves as a stark reminder of the importance of caution when dealing with unsolicited financial offers. Awareness and vigilance are crucial in safeguarding against such sophisticated scams.
