Home / News / India /  Insurance fraud case: Thane woman loses 26 lakh

Fascinated by an insurance scheme promising high returns on investment, a lady from Thane lost 26 lakh, Maharashtra police told PTI on Wednesday. The police have begun the search of two accused registered under the complaint of cheating.

Also Read: Victim of online fraud? MintGenie explains how you can save your money

After retiring from her government job in 2020, the 58-year-old lady decided to invest her savings. She went to a nationalized bank to invest money in a fixed deposit in the same year. During the same time, she got to know of a ‘lucrative’ private insurance scheme from a bank employee. Under the scheme, she was supposed to get a return of 38 lakh after 10 years, by a mere investment of 5 lakh for the first five years, police told PTI.

Also Read: Shakira tax fraud case: Spanish court orders pop star to face trial

After making the payment for two years, the lady found the clause of getting 38 lakh missing from the scheme document. Therefore, she decided to discontinue the policy.

For doing so, she contacted the insurance company, where an official asked her to contact another person from the Insurance Regulatory and Development Authority (IRDA). The person who claimed to be from IRDAI along with another accused person allegedly asked the lady to make several payments from October 2021 to February 2022. In a duration of five months, the lady ended up paying around 26,66,137 to the fraudsters. After seeing no resolution of her complaint, she contacted the IRDAI and found that the person who was contacting her on behalf of IRDAI didn't work there.

Afterwards, the lady filed a police complaint. Later the police registered a case against the two accused, reported PTI. The investigation has begun, but no arrests have been made so far.

It is worth noting that IRDAI as well as RBI runs a nationwide ad campaign to aware people of such schemes that promise phenomenally high returns on small investments. However, most such schemes are fraud and investors are suggested to read all documents related to scheme before investment.

(With inputs from PTI)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout