Fake Insurance Officers Dupe Retired Kolkata Businessman Of Over Rs 10 Lakh

A 75-year-old retired businessman from Kolkata’s Bhowanipore area has allegedly been cheated of Rs 10,22,353 by a cyber-fraud group that impersonated insurance executives and officials of the Insurance Regulatory and Development Authority of India (Irdai).

Police have registered a criminal case and begun examining the mobile numbers, bank accounts and transactions allegedly used by the group. The complaint indicates that the fraud began on June 17, 2026, and continued over several days.

How The Fraudsters Won His Trust

According to the complaint, the callers claimed that money was due on the victim’s existing insurance policy. They offered to help him receive accumulated dividends, bonuses, and interest that had remained unpaid, according to a recent report by The Times of India.

The fraudsters presented themselves as senior officers connected with Irdai and different insurance companies. This apparent official status was used to persuade the retired businessman that the calls were genuine and that the promised amount could be released after he made certain payments.

The victim was allegedly made to transfer money in stages. Police said the callers used persistent persuasion, pressure and threats to stop him from questioning their demands. By the time he realised something was wrong, Rs 10,22,353 had reportedly been transferred.

Investigators are tracing the movement of the money and examining the bank accounts and phone numbers linked to the fraud. They are also looking into whether the network targeted other policyholders.

Why Such Insurance Calls Should Raise Suspicion

Irdai has previously warned the public about callers misusing the regulator’s name while offering bonuses, refunds or investment gains. The regulator does not sell insurance products, collect premiums or announce bonuses for policyholders.

A genuine insurer will not ask a customer to transfer money to an unknown or personal bank account to release a policy benefit. Policyholders should contact the insurer independently through the customer-care number printed on the policy document or listed on its official platform.

Callers may already possess details such as a policyholder’s name, insurer or policy type. Such information can sound convincing, but it does not prove that the caller is authorised.

What Policyholders Should Do

Do not share a one-time password, banking PIN, card details or login credentials with anyone claiming to process an insurance payout. Demands for advance tax, processing charges, registration fees or a refundable deposit should be verified directly with the insurer.

Anyone who has transferred money after a suspicious call should immediately contact the bank and report the incident through the national cybercrime helpline at 1930. Early reporting may improve the chances of stopping or tracing the transaction.

Policy documents, payment receipts, call recordings, messages, account numbers and screenshots should be preserved. These records can help the police establish the trail of communication and money.

FAQs

1. Does Irdai contact policyholders to release bonuses or refunds?

No. Irdai does not sell policies, collect premiums, or ask customers to pay money to receive insurance bonuses, refunds, or other benefits.

2. How can policyholders verify an insurance-related call?

Contact the insurer directly using the customer-care number on the policy document or official website. Do not rely on numbers provided by the caller.

3. What should a victim do after transferring money?

Immediately alert the bank and report the fraud to the national cybercrime helpline at 1930. Preserve messages, receipts, call records, and account details as evidence.