A 63-year-old businessman from Mazgaon allegedly lost Rs 39.64 lakh in a sophisticated cyber fraud after scammers posed as insurance officials and grievance redressal authorities. The accused allegedly used genuine policy details, forged government documents and fake approval procedures to convince the victim that an insurance bonus linked to his policies had been wrongly diverted and could be recovered through an official process.

Fake network

The fraud allegedly began on March 13 when the businessman received a call from a woman claiming to be from his insurance company’s Gurgaon branch. She allegedly told him that the bonus amount linked to two of his policies was being diverted to another person and could be recovered through a formal grievance process. Police said the callers appeared convincing because they already knew the victim’s actual policy numbers and insurer details.