Hyderabad woman loses ₹3.7 crore in insurance fraud
HYDERABAD: A retired State Bank of India employee has alleged that she was cheated of ₹3.75 crore in the name of insurance investments and agency commissions. The victim lodged a complaint with the Hyderabad Central Crime Station police.
According to the complaint, Annapurna Jyothi Chidella, a resident of Old Alwal, was approached in August 2021 by Pranikar Sridhar alias Sridhar, a resident of Rajendranagar. He allegedly introduced himself as an employee of Kotak Life Insurance in Himayatnagar and persuaded her to apply for an insurance agent post.
Agent role promise leads to large investments
The accused allegedly promised high commissions, rewards and substantial income through insurance business. He reportedly collected money from the victim for obtaining an agent code and convinced her that policies taken in the names of new customers would generate heavy returns.
Police said the victim was persuaded to purchase insurance policies worth crores of rupees in the names of her family members.
Victim sells house, transfers money
During the course of the transactions, the complainant and her husband allegedly transferred money through cash payments, online transfers and proceeds from the sale of a house. The total amount paid was ₹3.75 crore.
The victim alleged that the accused later stopped responding to phone calls and failed to return the money. Realising that she had been cheated, she approached the CCS police and filed a complaint. Investigation is under way.
