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Vadodara man duped of Rs 1.51 crore in insurance fraud

According to police, the victim was lured into investing in as many as 64 policies for higher returns since 2014 by the gang.

By: Express News Service | Ahmedabad |
June 12, 2021 12:55:08 am
Taking cognizance, police have booked a case against 45 persons under IPC 406 for criminal breach of trust, 420 for fraud and sections of the IT act.

A Delhi-based gang of 45 impersonating employees of Life Insurance Corporation (LIC), Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI) and other government institutions duped a 74-year-old man from Vadodara of Rs 1.51 crore.

According to police, the victim was lured into investing in as many as 64 policies for higher returns since 2014 by the gang.

Manoj Vaghela from Vadodara stated in his complaint that in September 2014, he was first contacted by a woman named Disha Singhania, claiming to be an official from ‘central government insurance and verification department’ under IRDAI.

“The woman told me that a file containing my details of Rs 3.5 lakh investment in LIC has come to her department for verification. She asked me if I wish to invest in other policies for higher returns. Then I was contacted by various persons claiming themselves to be from IRDAI, RBI, SBI and lured me to invest in 64 policies in total of Rs 67.15 lakh and then was asked to pay Rs 16.27 lakh as fees and Rs 67 lakh as other surcharges from 2014 to 2020. Then accused group has duped me to the tune of Rs 1.51 crore in the past seven years,” said the victim in his complaint.

Taking cognizance, police have booked a case against 45 persons under IPC 406 for criminal breach of trust, 420 for fraud and sections of the IT act.

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