Hyderabad: Retired bank employee duped of Rs 3.75 crore in insurance scam

A retired bank employee from Old Alwal has alleged that she was cheated of Rs 3.75 crore by a man posing as an insurance executive. The accused reportedly promised huge profits before disappearing, prompting the victim to approach the police.

Hyderabad: A retired bank employee from Old Alwal has lodged a complaint with the Hyderabad Central Crime Station police alleging that she was cheated to the tune of Rs 3.75 crore in the name of an insurance business.

According to the complaint, the victim came into contact with Pranikar Sridhar alias Sridhar, a resident of Rajendranagar, in August 2021. Introducing himself as an employee of a private insurance firm in Himayatnagar, the suspect allegedly persuaded her to join as an insurance agent by promising high commissions, incentives and huge returns.

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Police said he initially collected money claiming it was required for obtaining an agent code and later convinced her to purchase insurance policies in the names of new customers and family members, assuring massive profits. Believing his claims, the victim reportedly invested huge amounts through cash payments, online transfers and proceeds from the sale of a house.

After allegedly collecting around Rs 3.75 crore, the suspect stopped responding to phone calls and failed to return the money. Realising she had been duped, the woman approached the police, who are investigating.