Fraudsters Lure Cashier with Fake Reward Scheme

A Mumbai-based cashier from a state-run insurance company lost Rs 10.38 lakh after falling victim to a fraud that promised a hefty reward for a Re 1 note. The scam involved fake communications and demands for money, prompting the victim to report the case to the police.

A cashier from a state-run insurance company based in Mumbai was defrauded of Rs 10.38 lakh, having fallen victim to an alluring yet deceitful promise of a significantly large reward in exchange for a Re 1 note, according to an official report on Saturday.

The incident emerged on Thursday when the 45-year-old, residing in Santacruz West, approached Mumbai's West Region Cyber Police Station. The individual, employed at the insurer's Churchgate branch, told police he discovered the scam via a social media reel advertisement on February 23, which promised Rs 4.53 lakh for a Re 1 note, providing a WhatsApp contact number.

After initiating contact by sharing a photo of the note, the complainant was first approached by Pankaj Singh, purportedly from a coin shop, and later by an accomplice named Arun Sharma. They systematically conned him of Rs 10.38 lakh, promising refunds and further rewards. The fraud was realized when they proposed a potential increase in the reward in exchange for an additional Rs 6 lakh, prompting him to report the matter to police. A case has been filed under the IT Act and Bharatiya Nyaya Sanhita as investigations continue.

(With inputs from agencies.)