About a year ago, I had experience of an insurance scam. The caller mentioned an old insurance policy of about Rs 45K annual premium that I had stopped paying. I could pay 2 more premiums and then close the policy to withdraw the full amount that had apparently delivered an IRR of 11%. What was interesting was that all the numbers were very believable. I actually went back and checked my bank statements and email trail to recollect if I had made an investment of this sort. When I found there was nothing, I became suspicious, and started asking the caller to provide an email with details (as I wanted a proper mail trail to lodge a police complaint). However, they probably realized I was getting suspicious, and stopped calling. I wish the police would take more prompt action to arrest perpetrators etc (for instance, any caller number has a KYC so it should not be too hard to trace who called)
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Thank you for sharing your experience. Such viligilant and aware customers are the main line of defence against such crimes . Sharing your inisights helps moneysatark community become wiser.