A 64-year-old factory owner from Sadar has lost Rs 82.30 lakh to cyber fraudsters who promised him a large payout from an insurance policy. The Cyber Police have registered a case against two persons for cheating and offences under the Information Technology Act. An investigation is underway. The complainant owns a factory that manufactures nuts and bolts. In 2015, he purchased a 10 year insurance policy from IIFL Limited, a Mumbai-based company. He paid an annual premium of Rs 50,000. Under the policy, he was entitled to receive Rs 10 lakh on maturity. The factory owner paid premiums for five years. However, the company later ceased operations. He subsequently approached the Insurance Ombudsman and filed a complaint regarding the policy.

 

In August, a person contacted him on his mobile phone and introduced himself as Dayanand Shastri from the Insurance Ombudsman’s office. The caller claimed that the complainant was entitled to receive Rs 1,29,76,000 through the National Payments Corporation of India (NPCI). The fraudster told him that he had to pay processing fees to receive the amount in his bank account. Trusting the caller, the factory owner began transferring money to bank accounts provided by him. Over a period of time, the victim deposited a total of Rs 82,30,000 into the specified accounts.

 

Despite making the payments, he did not receive the promised insurance payout. The man eventually realised that he had been cheated. He approached the Cyber Police Station and lodged a complaint. The police have registered a case against two persons for cheating and violations of the Information Technology Act. They are investigating the bank accounts used to collect the money and trying to identify those involved in the fraud.