Insurance loan scams are growing, thanks to the compounding effect of cybercrime. More cases have come to light since the D B Marg police in October arrested four persons for running a fake insurance call center from a rented office in a Thane mall. Conservative estimates suggest that such scams could run into over Rs 50 crore in the Mumbai region alone. Now, three back-to-back cases from Pune and Mumbai have made the police’s cyber cell log in and take notice. Unsuspecting investors have been warned to be wary of emails and text messages selling purported insurance products.
In the Thane mall case, where the accused are all former employees of various call centers, investigators have found financial transactions of over Rs 5 crore in one of their nine bank accounts detected yet. Now, a second FIR has been filed in the case by Charkop police based on a complaint by a 54-year-old homemaker. The accused had allegedly called her up and assured her that she could avail of a Rs 5 lakh loan against her insurance policy. The policy had lapsed and they asked her to pay arrears to reactivate it. As processing and registration fees, they took Rs 91,000 from her, and then broke all communication.
Ritesh Bhatia, founder of V4WEB Cybersecurity, said such cases started coming to light in recent years, when gullible persons would be contacted on phone or email from purported insurance firms or agents and then defrauded. “Four years ago, a 70-year-old woman lost her life’s savings…

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