Insurance Fraud Leaves Senior Citizen in Debt, Seeks Justice

This case is a heart-wrenching example of the unfortunate circumstances that can befall a vulnerable senior citizen in India. The victim, a 70-year-old senior citizen, had purchased a life insurance policy from SBI Life Insurance, but was eventually trapped in a fraud ring by agents of Bharti AXA Life Insurance and some miscreants working in close proximity of the agents and employees. The victim, who was already struggling to pay for his medical expenses, was offered to recoup his investment and return the same amount to him if he cancelled the policy, and he accepted the offer. However, he did not receive the maturity amount as promised and was introduced to Mr. Gurinder Singh Gulati, who impersonated as close aide of one union minister.

Mr. Gurinder Gulati convinced the victim that the Government of India had assigned him to an IPO department, where he could invest and multiply the money by 13 times within a very short time frame. He advised the victim to invest in Bharti AXA Life policies and take advantage of this IPO scheme. He assured him that he was free to withdraw 60 percent of the IPO funds at any time without penalty. However, due to the victim's age, he was no longer eligible to invest, so he instructed him to purchase the policies under the names of his family members. The victim took out a loan against his existing pension to invest in the scheme, and also approached his neighbours to allow him to purchase insurance policies in their names, paid for by him. But he was cheated and lost all his life savings and is now saddled with enormous debts.

The victim's efforts to pursue the matter with the agents and employees of the insurer were met with delays and indifference, and he was forced to borrow money from NBFC at an exorbitant interest rate of 24 percent. When he visited the Pune Ombudsman's Office, he was told that he was a victim of FRAUD. He visited the local Bharti AXA Life office in his city and submitted his written complaint and cancellation of these policies. However, the agents stopped responding to him, and Mr. Ramji Sharma, who is mentioned as an agent in all his policies, never called him back or responded to his calls.

It is a sad state of affairs when the elderly, who have worked hard all their lives and deserve peace and security in their twilight years, become victims of unscrupulous elements. The victim's request to cancel all these questionable policies and refund a total amount of ₹ 24 Lacs 35 thousands with interest till date, and take stern action against all the agents and employees involved in this act of fraud, should be taken seriously by the authorities.

 It is important for insurance companies to be vigilant and take necessary steps to prevent such fraudulent activities from happening, and to protect their customers' interests. In addition, there should be stricter regulations and penalties in place to punish those who engage in such fraudulent activities and exploit vulnerable individuals.

 In conclusion, this case highlights the need for greater awareness, vigilance, and accountability in the insurance industry, particularly with regard to protecting the interests of senior citizens who are among the most vulnerable sections of society. It is crucial that the relevant authorities take immediate action to ensure that justice is done and that such cases do not occur in the future.

Disclaimer: The blog is based on the written complaint, supported by evidence submitted by the victim to the insurer. There is no intention to defame anyone named in this blog. The insurers are also victims in such cases, and we highlight these cases just to make others aware of prevalent frauds.