Introduction
A retired teacher from Indore has fallen victim to a ₹96 lakh cyber fraud, where scammers posing as SBI Life Insurance officials manipulated her into transferring money over two years. The fraudsters convinced her that she was eligible for policy benefits and tricked her into making multiple payments under false pretenses.
Key Highlights
How the Scam Unfolded
- The victim, a retired teacher and an SBI Bank account holder, had two genuine insurance policies with SBI Life Insurance.
- In 2023, she received a call from a fraudster introducing himself as Rajiv Sharma, an “official” from SBI Life Insurance offering help with her policies.
- The scammer falsely promised a ‘surrender amount’ and asked her to pay a premium to avail of the benefits.
- Initially, she transferred ₹1 lakh as a “processing fee.” Over the next two years, the scammers tricked her into making 34 online transactions, totaling ₹96 lakh, under various pretexts like policy processes, taxes, and future benefits.
- The fraud was uncovered in January 2025, when the scammers suddenly cut off all communication.
Investigation and Authorities’ Response
- After realizing she was duped, the victim filed a complaint with the Indore Crime Branch and the National Cyber Crime Helpline (1930).
- Authorities have frozen the linked bank accounts and launched an investigation to trace the culprits.
How to Stay Safe from Such Scams
- Verify Caller Identity – Always cross-check credentials before transferring money. Call the company directly using their official contact details from their website.
- Beware of Unsolicited Calls – If a stranger offers financial benefits and asks for upfront payments, be cautious. Legitimate companies do not request money over the phone.
- Do Not Share Personal Information – Never disclose bank details, OTPs, or passwords to unknown individuals.
- Confirm Policy Details – If you receive a call about policy benefits or surrender amounts, verify the details directly with your insurance provider instead of relying on the caller.
Conclusion
This case highlights the increasing threat of insurance-related cyber frauds, particularly targeting elderly individuals. Authorities urge people to stay vigilant and report suspicious activities to the National Cyber Crime Helpline (1930) to prevent financial losses.
