Ahmedabad Man In His Seventies Duped Of Rs 19 Lakh In Insurance Fraud

A senior citizen in Ahmedabad has allegedly lost close to Rs 19 lakh after being drawn into what police say was a carefully planned insurance fraud. The victim, a retired businessman in his seventies, was convinced that he was entitled to a large insurance payout. Over several months, he transferred money under different pretexts before realising that he had been cheated.

The man has now lodged a complaint with the cybercrime police, who have begun probing the bank transactions and phone numbers linked to the case.

How The Fraud Began

According to the complaint, the elderly man was first contacted in 2022 by people who claimed to be associated with an insurance company. They offered him a policy and shared documents and receipts that appeared authentic, according to a recent ‘The Times of India’ report. This initial interaction helped the callers gain his confidence.

Nearly a year later, in April 2023, another person contacted him claiming to be from the insurance wing of a private bank. During the conversation, the caller introduced him to someone who said he was a government insurance adviser.

The alleged adviser told the victim that a sum of about Rs 25 lakh was lying in his name as unclaimed insurance benefits. However, he said the amount could be released only after certain formalities were completed. For that, the senior citizen would first have to pay a percentage of the total amount as processing charges.

Trusting what he was told, the man agreed to pay around 10 per cent of the amount.

Payments Made Under Multiple Pretexts

After the first payment was made, the fraudsters continued to contact him with fresh demands. Each time, they cited a different reason for the payment. At various stages, he was told to pay amounts towards goods and services tax, reserve funds, and other procedural expenses. He was also asked to deposit money in connection with what was described as an initial public offering linked to the scheme.

To maintain his trust, the fraudsters began transferring a small amount of money to his bank account every month. For about eight months, the victim received Rs 13,000 regularly. He was told that this was a pension connected with the insurance benefit that would soon be released.

The monthly deposits convinced him that the process was genuine. As a result, whenever the callers asked for additional payments, he continued transferring money.

In all, the senior citizen transferred Rs 20.09 lakh to different accounts. The amount he received back through the monthly deposits totalled Rs 1.04 lakh.

Complaint Filed With Cybercrime Police

When the promised larger payout failed to materialise, and the calls gradually stopped, the man began to suspect that something was wrong. He later approached the cybercrime police and filed a complaint detailing the transactions and conversations.

Police officials have registered a case and started examining the financial trail in an attempt to identify the people behind the fraud.

Investigators say cases of this nature often follow a similar pattern. Fraudsters contact victims claiming to represent banks, insurance companies, or government agencies and speak about unclaimed funds or benefits. To make the story believable, they may initially send small amounts of money or share documents that look official.

Authorities advise people to be cautious if they receive unexpected calls about insurance benefits or unclaimed funds, especially when advance payments are demanded. Verifying such claims directly with the concerned institution can help prevent financial losses.