In a shocking case of cyber fraud, a retired teacher from Indore has been duped of Rs 96 lakh by scammers posing as officials from SBI Life Insurance. The elaborate scam, which unfolded over two years, saw the victim manipulated into paying money under the guise of policy-related processes and future benefits.
According to a report by The Times of India, the victim, who had previously purchased two legitimate insurance policies from SBI Life Insurance, received a call in 2023 from an unknown man who introduced himself as Rajiv Sharma. The caller claimed to be an official from SBI and offered to help her with her policies. He informed her that she was eligible for a “surrender amount” on her policies and asked her to pay a premium to avail the benefits.
Trusting the caller, who seemed knowledgeable about her insurance policies, the victim initially transferred Rs 1 lakh as a processing fee. Over the next two years, the scammers continued to manipulate her, convincing her to make additional payments under various pretexts, such as policy-related processes, taxes, and future profit benefits. Believing she was dealing with legitimate representatives, the victim made a total of 34 online transactions, amounting to Rs 96 lakh.
In January 2025, the fraudsters abruptly cut off all communication, leaving the victim to realize she had been duped. She approached the Indore Crime Branch and filed a complaint with the National Cyber Crime Helpline (1930). Authorities have since frozen the bank accounts linked to the scam and launched an investigation to trace the culprits.
*How to Stay Safe from Such Scams*
This incident highlights how scammers exploit the names of reputable organizations like SBI to target individuals, often the elderly. Here are some safety tips to protect yourself from such scams:
– If you receive a call from someone claiming to be a bank official asking for a money transfer, always cross-check their credentials. Contact the company directly using official contact details from their website or documents rather than relying on the caller’s information.
– Be cautious of unsolicited calls or messages offering financial benefits, especially if they require upfront payments or personal information. Legitimate companies rarely ask for sensitive details over the phone.
– Never share personal or financial information, such as bank account details, OTPs, or passwords, with unknown individuals or on unverified platforms.
– If you receive information about policy benefits or surrender amounts, verify the details with your insurance provider directly. Do not rely solely on the information provided by the caller.
Stay vigilant and protect yourself from falling prey to such fraudulent schemes.
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