A new case of cyber fraud has come to light from Pune, where a 62-year-old retired bank manager suffered a loss of Rs 2.22 crore. The scam, which went on for several months, involved scammers impersonating government officials and forcing the victim to buy multiple policies with the promise of high maturity benefits.

According to the police complaint, the fraud began in late 2023 and continued until recently, the Indian Express reported. During this time, the victim received several calls from persons posing as government officials, including people from reputed agencies like the Finance Ministry, Insurance Regulatory and Development Authority of India (IRDAI), and National Payments Corporation of India (NPCI). The scammers claimed to represent these organizations and offered the victim multiple insurance policies with guaranteed high maturity benefits.

To further establish their credibility, the scammers misused the fictitious titles of finance experts and government officials as well as the names of prominent personalities such as Deendayal Upadhyay. The calls were so convincing that the victim believed them. Over time, the victim was forced to purchase various insurance policies and asked to pay several charges including GST, Income Tax, TDS, transaction fees, verification fees and NOC fees.

According to the report, the criminals worked under at least 19 different identities to maintain their deception. Whenever the victim followed the instructions to send money for the policies, the scammers asked him to transfer additional funds under the pretext of processing or recovery charges. As the scam progressed, the victim also started receiving calls from purported officials who claimed that her previous payments had been diverted to fraudulent accounts. To recover those funds, he was instructed to make further payments, causing him to lose even more money. During the period of the scam, the victim lost his savings due to being threatened and manipulated by the scammers.

While the matter is under investigation, individuals are urged not to fall prey to calls or offers that sound too good to be true. Note that cyber fraud related to insurance and financial benefits is becoming common in the country. For your safety, it is important to follow these safety measures:

If you receive calls from unknown persons asking about investments, always check the identity of callers claiming to represent government agencies or financial institutions. Use the official contact details available on their websites.

Never share personal or financial details, including bank account numbers, OTPs or policy numbers, over the phone or with someone you barely know.

Be skeptical of unrealistic offers. Investments that guarantee high returns or profits should raise red flags.

Be alert about requests for payment like GST, TDS or other charges. If you need to send money, always confirm the validity of such demands with the concerned organization first.