Pune: Retired Bank Manager Loses Rs 2.2 Crore in Fake Insurance Scheme

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Pimpri Chinchwad, 23rd January 2025: A 61-year-old retired bank manager from Talegaon Dabhade was swindled out of ₹2.2 crore in an elaborate online insurance fraud that spanned nearly 10 months, from March 2024 to January 13, 2025. The victim, lured by promises of hefty returns, exhausted her savings and even took out loans before realizing she had been scammed. She lodged a complaint with the Pimpri-Chinchwad cyber police earlier this week.

According to Senior Inspector Ravikiran Nale of the Pimpri-Chinchwad Cyber Police, the ordeal began in March 2024 when the victim purchased a legitimate insurance policy for ₹1 lakh, with an assured return of ₹3.8 lakh upon maturity in February 2025. “While the policy itself was valid, the scam started shortly after when the victim was contacted by a woman claiming to be an official from the central finance ministry,” Nale explained.

The caller convinced the victim that she could receive even larger returns upon the policy’s maturity but would first need to pay various fees, including GST, TDS, transaction charges, and verification costs. Falling for the ruse, the victim transferred ₹39.9 lakh to multiple bank accounts over the next few months.

In July 2024, the victim received another call, this time from a man claiming to be from Delhi. He informed her that her money had been sent to fraudulent entities but assured her that he could help recover it. “The man demanded ₹12.3 lakh to hire a lawyer for the case, which the victim paid,” Nale added.

The fraudsters didn’t stop there. Between August and October 2024, the victim handed over ₹1 lakh in cash to an individual at a shop in Pimpri. Later, in October, a man impersonating an official from the Insurance Regulatory and Development Authority of India (IRDAI) called her. He claimed the value of her policy had skyrocketed to ₹3.8 crore, but additional payments were required to process the returns. Desperate to recover her money, the victim made further payments, including ₹3.2 lakh and ₹5.3 lakh in separate transactions.

“By January 2025, the woman had lost ₹2.2 crore, including her savings and money obtained through personal and gold loans,” said Assistant Police Inspector Pravin Swami of the cybercrime unit. When the fraudsters continued to demand more money, the victim finally grew suspicious and filed a complaint on the cybercrime portal.

“We have registered a case and initiated an investigation to trace the perpetrators. The victim’s funds were transferred to multiple accounts, and we are working to track down the recipients,” Nale said.

Cybercrime officials have urged the public to exercise caution while dealing with unsolicited financial offers. “Always verify the identity of individuals claiming to represent financial institutions or government bodies. Avoid making payments without confirming the authenticity of the claims,” Swami advised.