HIGHLIGHTS

A retired teacher from Indore fell victim to a scam that resulted in a staggering loss of Rs 96 lakh, orchestrated by fraudsters impersonating officials from SBI Life Insurance.

The initial contact occurred when she received a phone call from someone claiming to be an employee of the insurance company, misleading her into believing she was eligible for a surrender amount.

Deceived by the authenticity of the call, she made a substantial processing fee payment of Rs 1 lakh.

In recent times, the prevalence of online scams has risen dramatically. A particularly alarming case involves a retired educator residing in Indore, who was duped out of a colossal sum totaling Rs 96 lakh by impostors posing as representatives of SBI Life Insurance. This incident unfolded over an extensive period from 2023 until January 2025, highlighting the pressing need for individuals to remain vigilant against cybercrimes. Continue reading to understand the details of how this deception occurred.

Initially, the victim, who had previously obtained two insurance policies from SBI Life Insurance, received a call from a person identifying himself as Rajiv Sharma, supposedly an official associated with the company. During the conversation, he informed her that she qualified for a surrender amount provided she paid a premium. Trusting this interaction to be genuine, she proceeded to transfer Rs 1 lakh, believing it to be a legitimate processing fee.

As time progressed, the scammers relentlessly pressured the teacher, continuously persuading her to make additional payments under various pretenses related to policy procedures and promises of future profit. Ultimately, she ended up executing 34 online transactions, cumulatively sending a staggering Rs 96 lakh to these fraudsters, as reported by TOI. It was only when all communication from the scammers ceased that she came to the harrowing realization that she had been scammed.

Also read: A Patna woman loses Rs 52,000 while seeking assistance for a delayed online order.

Tips to Steer Clear of Such Scams

• Verify the caller’s identity: Always take the time to confirm the identity of anyone claiming to represent a financial institution. Use official contact information to connect directly with the company for verification.
• Exercise caution with urgent requests: Scammers often create a sense of urgency to pressure victims into making hasty decisions. Take your time to consider the request and discuss it with a trusted friend or family member before proceeding.
• Never divulge sensitive information: Protect your personal information by avoiding the sharing of banking details, passwords, or one-time passwords (OTPs) over the phone or online.
• Report any suspicious activity: If you suspect any fraudulent behavior, report it immediately to the relevant authorities and the cybercrime helpline to help prevent further scams.

Also read: A tech professional lost over Rs 33 lakh in a share trading scam: Learn how to protect yourself from such frauds.