Sophisticated Insurance Scam Busted: Duo Arrested for Duping Lakhs with False Lapsed Policy Promises

The long arm of the law has finally caught up with two alleged fraudsters who masterminded a sophisticated insurance scam, preying on unsuspecting individuals with promises of lucrative benefits from lapsed policies. Chandigarh Police have announced the arrest of Gurmeet Singh, also known as Gaurav, and Deepak, bringing an end to a fraudulent operation that siphoned off lakhs of rupees from victims across the region.

The extensive investigation was sparked by a complaint from Kuldeep Singh, a resident of Mohali, who tragically fell victim to the elaborate scheme.

Kuldeep reported losing a staggering Rs 28 lakh to the fraudsters, who meticulously built a web of deceit around his lapsed insurance policies. The scam began with unsolicited calls promising a substantial payout for his old, inactive policies, a seemingly too-good-to-be-true offer that, tragically, proved to be just that.

Gurmeet Singh and Deepak operated their illicit business from various rented accommodations primarily in Delhi and Noida, expertly masking their true identities and locations.

Their primary tool was the use of "spoofing" applications, which allowed them to make calls that appeared to originate from legitimate insurance companies or official-looking numbers, instantly building a false sense of trust with their targets. They would convince victims that to release the promised policy benefits, a series of "mandatory" payments were required, citing fabricated charges such as GST, processing fees, and other administrative costs.

Each payment was designed to extract more money, with the fraudsters promising imminent, larger returns that never materialized.

Deputy Superintendent of Police (Cyber Crime) Jaswinder Singh elaborated on the arduous investigation process. The police team, employing advanced cyber forensics, meticulously traced the financial trail left by the fraudsters.

This involved sifting through numerous bank account transactions and analyzing extensive call detail records. The digital breadcrumbs eventually led them to the accused, revealing their widespread network and the scale of their operations. The investigation is ongoing, with authorities actively identifying other potential victims who may have fallen prey to the same scam.

The total amount defrauded is expected to be significantly higher than initially reported.

The two accused now face a litany of serious charges under the Indian Penal Code, including Sections 420 (cheating and dishonestly inducing delivery of property), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document), and 120B (criminal conspiracy).

This successful operation by Chandigarh Police serves as a crucial reminder for the public to exercise extreme caution when approached with unsolicited offers, especially those promising large financial gains from old or lapsed policies. Always verify such claims directly with the official channels of insurance providers to avoid falling victim to such cunning schemes.