A 62-year-old retired bank manager from Pune became the victim of a massive cyber fraud, losing ₹2.22 crore over several months. Scammers posing as government officials tricked the individual into purchasing multiple insurance policies by promising high returns.
How the Fraud Took Place
The scam began in late 2023 and continued for several months. The victim received calls from individuals claiming to be officials from reputed financial and government institutions, including the Ministry of Finance, the Insurance Regulatory and Development Authority of India (IRDAI), and the National Payments Corporation of India (NPCI).
To appear trustworthy, the fraudsters used the names of well-known personalities and fake designations. They convinced the victim that these insurance policies would offer significant maturity benefits, leading them to invest large sums of money.
Endless Requests for Additional Payments
After the initial investment, the scammers demanded additional payments under various pretexts, including:
- Taxes such as GST and TDS
- Processing and transaction fees
- Verification and No Objection Certificate (NOC) charges
Every time the victim transferred money, the fraudsters came up with new reasons to demand more, making it seem necessary to complete the investment process.
Deception Tactics
To maintain the illusion, the criminals operated under at least 19 different identities. Later, they told the victim that previous payments had been diverted to fraudulent accounts and persuaded them to send even more money to recover the lost funds.
By the time the fraud was uncovered, the victim had lost ₹2.22 crore in total.
How to Avoid Falling for Similar Scams
Cases like this highlight the need for extra caution when dealing with financial offers. Here are some ways to stay safe:
1. Verify the caller’s identity: If someone claims to be a government or financial official, check their details on official websites before engaging.
2. Never share sensitive financial details: Avoid disclosing your bank account number, OTPs, or policy details over the phone or via messages.
3. Be cautious of guaranteed high returns: Legitimate investments do not promise unrealistic profits. If an offer sounds too good to be true, it probably is.
4. Confirm payment requests with official sources: Before paying any additional fees, directly contact the relevant institution using official contact details.
Investigation Underway
Authorities are currently investigating the case to trace the culprits. With the rise in financial scams, it is crucial to remain cautious and skeptical of unsolicited investment opportunities. Being informed and vigilant can prevent such devastating losses.