A retired resident of Shivaji Park was reportedly frauded out of ₹2.36 crore by scammers impersonating officials from the Insurance Regulatory and Development Authority (IRDA), NSDL, NPCI, and major banks. The fraud syndicate deceived him under the guise of helping recover premium refunds on lapsed insurance policies spanning seven contracts.
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How the Scam Played Out
The ordeal began on November 5, 2024, when the victim received a WhatsApp voice call from a man claiming to be Dinesh Chaturvedi, an IRDA representative. The caller claimed they could facilitate refunds on seven lapsed policies. To boost credibility, callers showed fake company IDs bearing the IRDA logo. The victim was asked to email policy details and pay a processing fee of ₹49,606, which he did—believing it would unlock refunds totalling ₹24.8 lacks.
As the scheme progressed, the fraudsters repeatedly demanded further payments: an initial “tax” of ₹6 lakh, followed by incremental charges. Over time, the victim transferred a total of ₹2.36 crore to multiple bank accounts under the pretence of official recovery procedures.
Suspecting foul play by May 19, 2025, the retiree halted transfers and reported the matter. He contacted the national cybercrime helpline (1930) and filed complaints with the Central Cyber Cell of Mumbai Police.
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Police Response and Investigation
The Mumbai cyber crime unit has formally registered a complaint and launched an investigation. Officers are tracing bank records to uncover the fraudsters’ networks and determine whether the accounts were linked to shell entities or accomplices facilitating the scam.
While the investigation is ongoing, the case exposes the misuse of fraudsters impersonating regulators such as IRDA, NSDL, NPCI, and bank authorities to engineer complex financial deceptions targeting senior citizens.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.