Fake LIC Agent Robs Rs 40 Lakh From This 61-Year Old Retired MTNL Employee: This Is How This Happened

Recently, an elderly woman so duped of ?40 lakh by a person under the pretext of offering her an insurance policy that can get her ?70 lakh on maturity.

The accused posed himself as an executive from Life Insurance Corporation (LIC) and asked her to pay the amount as premiums and service charges. 

The complainant, who is a resident of Dadar (West), took voluntary retirement from the post of a senior executive in 2020 from MTNL.

Elderly Duped On Maturing Policy After Buying Another Policy

According to her, a person who disguised himself as a fund manager from Life Secure and Tax Savings Policy called her and informed her that she had earned ?1.70 lakh on her LIC policy number IR/3103/B095.

She was told that her policy can only be released if in case she buys another policy worth ?40 lakh.

The police officer said that she was told by the person that the ?40 lakh premium of the policy could be paid in instalments and once she paid the last instalment, she would get ?70 lakh plus a ?1.70 lakh bonus from her previous policy.

The woman, thinking that the person was indeed from the insurance policy office, decided to take the policy.

Hence, as directed by the accused, she started paying the premiums and various other fees and service charges to accounts of various ‘executives’.

The senior citizen paid a total of ?39.66 lakh between May 2015-July 2020. The FIR said that when the executive used to ask her about the policy and its maturity period, the executives would ignore her and give some future date under some false pretext.

She was later being ignored after her calls. The complainant, after her continuous follow ups, realized that perhaps she was being duped and hence approached the police.

Cased Filed Against Accused Under IPC

Under relevant sections of the Indian Penal Code (IPC) and Information Technology Act for cheating, impersonation, and identity theft.  A case has been registered by Dadar police against three accused executives. Police suspect that the fraud group used LIC’s name to dupe its policyholder.

The police have started writing to various banks seeking details of the accounts where the fraud amount was received.

Police and cyber experts say that when it comes to senior citizens, ‘Insurance Frauds’ are the most common type of cyber-crimes. 

A deputy commissioner of police rank officer said that “In cyber-crimes like Insurance Frauds around 90% of victims are senior citizens”.

As per the senior cyber police officer, the fraudsters group mainly rely on the customer database to target the senior citizens. This is because when a fraudster has customer data then it becomes easy for him to win his/her trust and it ultimately increases their productivity rate.

A senior inspector said that “The insurance companies share their customer database with third-party BPO firms to promote their schemes, retain customers, and expand the business. The customer database of insurance companies thus gets compromised at BPOs at the hands of rogue employees and it is sold out to fraudsters online and then they further target innocent senior citizens using the compromised database”.