Retired Banker Duped Out of ₹2.2 Crore in Insidious Online Insurance Scam

A chilling tale of financial exploitation unfolded in Talegaon Dabhade as a 61-year-old retired bank manager discovered she had been ensnared in an intricate online insurance scam. Over a period of nearly 10 months, from March 2024 to January 13, 2025, the victim was systematically defrauded of a staggering ₹2.2 crore by cunning individuals posing as government officials and insurance representatives.

These fraudsters employed a series of deceptive tactics to convince the victim to transfer significant sums of money under various pretexts. They demanded payments for fees such as GST, TDS, transaction charges, and verification costs, claiming these were necessary to secure higher returns on her insurance policy.

The victim, believing the fraudulent claims, transferred ₹39.9 lakh to multiple bank accounts.

The deception continued with further demands, including payments for legal fees to recover alleged fraudulent transactions and even for processing a purportedly skyrocketing policy value.

Desperate to recoup her losses, the victim exhausted her savings and even resorted to personal and gold loans to make the requested payments.

It was only when the fraudsters continued to demand more money that the victim became suspicious and filed a complaint with the Pimpri-Chinchwad cyber police.

The cybercrime unit has initiated an investigation to trace the perpetrators and recover the victim's funds.

This incident serves as a stark reminder of the increasing sophistication of online scams.

Key takeaways:

• Always verify the authenticity of any unsolicited financial offers.
• Never share sensitive personal or financial information with unknown individuals.
• Be wary of individuals who claim to represent government agencies or financial institutions without proper verification.
• If something seems too good to be true, it probably is.

If you believe you may have been a victim of an online scam, report it to the authorities immediately.