Rs 64 Lakh Cyber Scam Rocks Navi Mumbai: Fraudsters Pose as Insurance Officials

A 62-year-old real estate agent in Navi Mumbai was allegedly swindled of Rs 64 lakh over four years by cyber fraudsters who posed as insurance regulators and grievance officials, according to a police report. The Navi Mumbai Cyber Police registered an FIR on April 20 under sections 318(4) (cheating) and 319(2) (personation) of the Bharatiya Nyaya Sanhita (BNS) and provisions of the Information Technology Act.

The victim's ordeal began in January 2022 when he received a WhatsApp call from a man claiming to be an official from the Insurance Regulatory and Development Authority (IRDA). The caller promised to facilitate the recovery of matured funds from an insurance policy, provided the victim first purchased new policies from various private insurers.

Over the next two years, the victim received calls from another accused posing as the director of the Integrated Grievance Management System (IGMS), promising to recover the initial payments. Under the guise of various fabricated charges, including 'Agent Code Removal Fees,' 'FDR Fees,' and 'State Level Tax,' the fraudsters induced the victim to transfer Rs 64 lakh in 32 separate transactions from both his and his brother's bank accounts.

The scam escalated when the unidentified accused convinced the victim to open new bank accounts and courier the ATM cards to addresses in Indrapuram, Ghaziabad. The victim realized he had been duped after receiving a legal notice from the Yashwanthapur police station in Kerala, stating that his accounts were being used for criminal activities.

The police have launched a probe and are currently tracking several mobile numbers and an email ID linked to the suspects. In another case, four persons from Navi Mumbai were allegedly duped of Rs 28.4 lakh by a businessman who lured them with the promise of high returns in forex trading.

Based on a complaint lodged by one of the victims, a first information report was recently registered against Sachin Bapu Gunjal, a local businessman, under sections 316(2) (criminal breach of trust) and 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita. The complainant, a real estate agent, allegedly invested in a scheme promoted by the accused's firm, 'Trading Hub Academy and Set Up Enterprises,' in Kamothe between 2022 and 2024.

According to the complaint, Gunjal allegedly enticed investors by claiming he could generate 18 to 20 per cent profit through forex trading and promised monthly returns of 4 to 6 per cent. He further assured investors that their principal amount would be returned after 12 months. The accused showed the complainant records of other investors and claimed to have a total funding of Rs 30 crore to gain his trust.

The victim initially invested Rs 1 lakh in January 2022, received regular returns until March 2024, and made additional investments. But the payments subsequently stopped, and when confronted, the accused allegedly gave evasive answers, moved his office, and eventually blocked the victim's phone number. A probe has revealed that four investors, including the complainant, were duped of Rs 28.40 lakh. No arrest has been made in the case.