Thread by @BimaPeBharosa

How were army veterans in New Delhi cheated out of Crores?

The Army Group Insurance Fund (AGIF) was established in 1981 for providing Life Insurance cover to retired army personnel. It also comes with a medical benefit and a deposit scheme for deceased personnel’s family.
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But recently, the fund was targeted by a group of insurance fraudsters.

The group’s modus operandi involved reaching out to army veterans and claiming to help them receive monetary benefits from the fund.
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They guaranteed army pensioners and next of kin large amounts of money as outstanding maturities and bonus from the AGIF, and subsequently demanded an upfront payment of 30-40k as “processing fees” for releasing the amounts.
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They had initially targeted some 54 army veterans, of which 13 together ended up contributing crores of rupees over time. Notably, one veteran alone had paid these fraudsters around ₹1 Crore.
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The fraudsters had opened several bank accounts, registered in the name of fake firms on rented properties, where these payments were credited. They were able to quickly withdraw the money in cash through ATMs and self cheques.
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The group was also involved in many other cases of fraud all over the country and were already being chased by the Police. They were recently arrested by the Economic Offences Wing (EOW) of Delhi Police.
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What’s surprising is, this wasn’t an isolated incident of fraud surrounding the AGIF. A 75 year old retired army major in Haryana was also duped of over ₹60,000 in a similar manner!
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What are your thoughts on this? Tell us in the comments!
#BimaPeBarosa #India #insurance