Pune, 25th August 2026: A 45-year-old man from Wagholi allegedly lost ₹40 lakh after cybercriminals posed as representatives of an insurance company and promised to release the proceeds from his matured insurance savings policy.
According to the police, the victim had invested in an insurance savings plan offered by a private company. The fraudsters contacted him and claimed that the policy had matured and that the insurance company would soon repay the amount.
The accused told him that certain formalities had to be completed before the money could be released. They demanded multiple payments under the pretext of obtaining a No Objection Certificate (NOC), paying taxes and clearing other charges.
Trusting the claims, the victim transferred a total of ₹40 lakh to several bank accounts provided by the fraudsters. However, he never received the promised insurance amount, prompting him to make further inquiries.
After realising that he had been cheated, the man approached the Wagholi Police Station. Police registered a case against the unidentified cybercriminals and are investigating the transactions to identify those involved.