A unique, elaborate insurance fraud has again surfaced. This time, the criminals duped an individual out of almost a crore rupees.
Table of Contents
How the Insurance Fraud played out
It all began when a man received a call informing him that he could get a loan if he took out an insurance policy. The man agreed and bought the policy, but it didn’t end well. After that call, he was contacted again and made to pay several more amounts under the guise of rectification charges, etc. In all, the man transferred around a crore in more than 60 different transactions. This, therefore, is an enhanced version of the advance fee fraud.
Insurance Fraud earlier
Such crimes were common during the lockdown, and insurers had to release emails stating that they do not provide upfront loans on insurance policies. Even otherwise, please be aware that loans on insurance policies are a time-consuming process, and every insurance company has some rules and regulations about providing loans on existing insurance policies, according to this post.
Almost everyone is a good target for this crime, as everyone is looking for some kind of monetary respite and has some purchasing power, especially if it is an insurance policy. Earlier, the fraudsters would simply promise a loan, and the victim would at least get a proper insurance policy. This insurance policy could be cancelled within 15 days.
We know of at least one such case in which the person bought an insurance policy and was given fake documents to show that the loan was being processed. However, on something as simple as visiting the company branch, the policy was cancelled, and the money was refunded. At this point, we would like to say that the insurance company was prompt in cancelling the policy and refunding the money.
The Vigilant Blog covers the crime beat and has a finger on the pulse of the latest crimes and scams. Follow us on Facebook and Twitter to get more news like this.
In this particular case, it is unclear whether the victim got an actual policy or whether he was outright scammed.
Covers the crime beat, spreading awareness about crimes, scams and everything dastardly.
Discover more from The Vigilant Blog
Subscribe to get the latest posts sent to your email.