Retired bank manager loses 2.2 cr in scam: Here's how to remain protected

Experts advise that if someone claims to be an authority, like police, an insurance regulator, or a ministry official, verify their identity by consulting contacting official helplines

Cyber scammers have reportedly duped a retired bank manager in Pune of Rs 2.22 crore by persuading her to purchase multiple insurance policies with the false promise of exceptionally high maturity benefits.

 

Later, the scammers continued demanding money under the pretext of GST charges, income tax, TDS, transaction fees, verification costs, NOC charges, and other expenses.

 

How did scam take place

 

The retired bank manager was approached by the scammers in March 2024. Initially, she was approached by individuals posing as representatives of a reputable insurance company. They promised lucrative returns on investments in insurance policies and convinced her to invest a total of Rs 1 lakh into what she believed were legitimate policies. As the months progressed, she received fabricated documents and false assurances of significant profits, leading her to invest increasingly larger sums of money.

 

By January 13, 2025, when the scam came to light, the retired manager had transferred Rs 2.22 crore to various bank accounts controlled by the fraudsters. 

 

Niharika Karanjawala Misra, Principal Associate at Karanjawala & Co. explains points to keep in mind to avoid falling victim to a scam are: 

 

Be sceptical of phone calls from individuals claiming to be authorities and asking you to make payments. It is always best to call on official numbers and make inquiries before blindly transferring any money. 

 

If taking out insurance policies as in the above case, diligently ask questions about what additional payments you may have to make on the same, so that you are well informed on the subject and less likely to be manipulated. 

 

If someone is making wild claims and promises, such as claiming your insurance policy which was only giving a return of Rs 3.8 lakhs has now matured to Rs 3.8 crores, do not easily believe them, call your insurance company independently and check on your policy. 

 

If you are receiving calls from a person claiming to be an authority (whether the police, or an insurance regulator or a ministry official etc.), discuss the issue with friends and family, even perhaps with a lawyer or accountant. That way you have the benefit of getting several different opinions.