Ponzi insurance schemes target senior citizens

While people prefer securing their lives through different insurance policies, cases of cheating – especially of elderly persons – have been rising in the city in the past six months. Complaints about receiving bogus calls, luring people to invest in lucrative schemes, have increased since the announcements of increasing the insurance money limit in health sector for senior citizens.

About four FIRs have been registered and five other complaints are being probed. Meanwhile, in one of the scams, police had arrested the seven accused in January. The total amount in the cheating case was about Rs1.68 crore. The duped people include retired senior doctors and bureaucrats. The cases are being probed by the Economic Offences Wing (EOW) of the Chandigarh Police.

Sources in EOW said: “The common factor among all victims is that they already had insurance policies, and their personal information like contact numbers and residential addresses were available on the websites of insurance agencies. Miscreants picked up their numbers from the internet and trapped them, by peddling attractive policies with less premium.” The callers introduced themselves as LIC agents, but made victims invest their money in other ‘non-existent’ insurance firms.

Balbir Singh – a Chandigarh Police employee, retired in 2005 – who was a victim of one such scheme, said: “I was made to invest about Rs53 lakh in different schemes. Initially, I had two genuine insurance policies, but I do not know how the accused came to know about my plans and address.”

Sub-inspector (SI) Surinder Kumar, who is probing an insurance fraud involving Rs74 lakh, said: “The accused made a couple – who already had LIC policies – invest their money in multiple schemes, claiming they would benefit by withdrawing money from LIC. The couple – Dr Ved Chug and her husband – had invested about Rs74 lakh in the ponzi scheme, from where they did not receive a single penny until December last year.” Raghbir Singh, another retired employee and victim, complained to the police that he was cheated of Rs45 lakh.

Curated from: 7Ponzi insurance schemes target senior citizens

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