Insurance Policy Mis-Sold by Fake IRDAI Officials

It has been observed that existing policyholders receive calls from people who claim to be IRDAI officials and mis-sell insurance policies. These callers inform the policyholders that the premium of their policy has fraudulently been transferred to someone else. To receive the money back, they suggest the policyholders to fulfil certain formalities including payment of money. Beware of such spurious calls!

Read How a Caller Misrepresented Himself as IRDAI officials and Mis-Sold an Insurance Policy:

Namit: Good afternoon, Ma’am. Am I speaking with Ms. Varsha Tripathi?
Varsha: Yes.
Namit: Varsha ma’am, I am calling from IRDAI, Delhi. You purchased a life insurance policy from ABC insurance company last year. Am I right?
Varsha: Yes. What happened?
Namit: Ma’am, we observed that there is someone who is fraudulently transferring the money from your policy.
Varsha: What? How? When? Now, what should I do? How do I get my money back?
Namit: Sir I’ll give the contact number of Mr. Rajveer. He is from IRDAI, Hyderabad. He will be helping you.
Varsha: Ok. Sure. Hold on…I’ll write his number…Yeah, tell me his number.
Namit: 998******* is his number.
Varsha: Ok. thank you for informing me and giving me Mr. Rajeev’s number.

(Varsha contacted Rajeev immediately)

Varsha: Hello. Is this Mr. Rajeev’s number?
Rajeev: Yes.
Varsha: Good morning. Sir. I am Varsha. IRDAI official, Mr. Namit shared your number with me. He informed me that someone is trying to transfer the money from my policy. What do I do? Will I be able to recover my money back?
Rajeev: Yes. Yes. You’ll be able to recover your money. We have received a lot of cases related to this. But right now, I don’t have much time. I’ll give the phone to my assistant, He’ll help you.
Varsha: Ok
Akash: Hello. I am Akash, Mr. Rajeev’s assistant. Ma’am, tell me your policy number.
Varsha: My policy number is ******.
Akash: Okay. I have opened your file. your policy fund is going to be transferred to Mr. Mukesh Agarwal.
Varsha: What fund? My policy is still going on. And who is Mukesh Agarwal?
Akash: Ma’am, your policy is still going on. I am talking about the fund. Recently, IRDAI cancelled the license of some insurance agents who had committed fraud. Their commission money has been transferred to a fund and we are returning it to the policyholder. According to your file, you have sent an NOC in which you have written that you do not need this money and requested to release the fund to your relative, Mr. Mukesh Agarwal.
Varsha: I wasn’t aware of it. I am a Brahmin. And how can a Baniya be my relative?
Akash: Ma’am we have sent you a letter to notify you about the fund.
Varsha: I haven’t received any letter.
Akash: Ma’am, I think this is a case of insurance fraud.
Varsha: What do I need to do now?
Akash: You have to visit IRDAI in Hyderabad and meet me. We will file an FIR with the police in Hyderabad.
Varsha: But, I can’t visit Hyderabad. Is there any other option?
Akash: Ok. Then I will file an FIR and share the details of the FIR filed.
Varsha: Thank you, Sir.

What Happened Next?

Akash shared the FIR details with Varsha. To get the money back, he suggested her to engage the services of a particular company. Further, he asked her to courier the following documents:

1. An account payee cheque in the name of a particular company.
2. PAN
3. Address Proof
4. The first page of the policy document

Varsha received various calls for the details of the dispatch of the cheque and documents. They assured her that the transfer of money due would be stopped once they receive these documents.

Did She Receive the Amount Due?

No, she did not receive the money. Instead, a new life insurance policy was mis-sold to him.

Here, Varsha became a victim of insurance fraud and mis-selling. Namit, Rajeev and Ashish falsely introduced themselves as IRDAI officials. They trapped Varsha into mis-selling an insurance policy by informing her that the proceeds of her insurance policy are being transferred to some other person. Due to fear and shock, she did whatever they told her and later lost money.

Beware of such spurious calls from fake officials. If you receive such calls, immediately disconnect the call.

If someone misrepresented some facts or misguided you into buying an insurance policy, then contact Insurance Samadhan.

We have resolved more than 14,500 complaints related to insurance. Insurance complaints include insurance mis-selling, claim rejection, delay in claim settlement, etc. Contact us to get samadhan for your insurance-related issues, we’ll be happy to help you.

Click on the below links to read some cases resolved by Insurance Samadhan:

Delay in claim process

Mis-selling in a life insurance policy