Savings wiped out in one call! Retired woman duped of 96 lakh in insurance scam

In a case of cybercrime active in Indore, a retired teacher was cheated out of almost Rs 96 lakh by fraudsters masquerading as SBI Life Insurance officials. The case was spread out over two years: through a very systematic approach, the perpetrators brazenly induced the victim to transfer moneys under the pretext of various policy-related benefits and procedures.

Reports suggested that the victim, a retired teacher, had an account with SBI and had purchased two bona fide policies with SBI Life Insurance. In 2023, the victim received a call from an unknown person who stated that he was Rajiv Sharma from SBI; the scammer promised to help with her policies and future benefits. 

The fraud was related to convincing the victim to surrender the policies, since she would first need to pay a premium in order to get the said benefit. Trusting the caller, she initially transferred Rs 1 lakh. Gradually, she was forced to make multiple payments under the pretexts of policy processes, taxes, and other benefits. In all, she made 34 online transactions and paid an approximate amount of Rs 96 lakh to the scammers.

Discovery of fraud

In January, 2025, the scam first raised its ugly head when the fraudsters ceased all contact. The victim, realizing she had been tricked, contacted the Indore Crime Branch and lodged a complaint at the National Cyber Crime Helpline (1930). An investigation has been initiated from this end and an action taken against the perpetrators.

Steps to prevent being a victim of cyber fraud

Some of the lessons learned from this incident show how fraudsters take advantage of the names of reputed organizations to further their nefarious practices. To protect yourself from being a victim in these circumstances, do the following:

Identity Verification: Inform the customer that any correspondence with a purported bank official must be verified on its official website or through direct paper correspondence with the company.

Avoid Taking Phone Calls for Money: Such phone calls will offer money for doing nothing if you pay an upfront fee or provide sensitive personal details.

Banking Information Should Be Safe: Do not ever share banking information, OTP, or passwords with unknown individuals or platforms that cannot be verified.

Confirm with the Company: In case of any information on policy benefit and surrender amount, please confirm the same with the policy provider. 

As cyber fraud cases grow, any suspicious activity must be reported to local authorities without delay.