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
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p style=”text-align: justify;”>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 t
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