Cyber police are investigating the crime after registering a formal FIR on Friday.
According to police, the fraudsters told the complainant (62) to pay fines and additional charges to revive the policies, which had lapsed as the victim had stopped paying the premium amount since the Covid lockdown.
A police officer told TOI, “The victim and his wife stay in a bungalow in the Deccan area, and their sons live in the US. The man used to run an industrial unit but shut it down after Covid hit the country.”
The complainant received calls from seven different people, who claimed to be executives of the insurance company, police said.
“They told him to pay the charges to revive his policies. The fraudsters also shared details of different bank accounts with the victim, who went on transferring money to the accounts,” Patil said.
“He exhausted all his savings and also the money sent to him by his children,” she added.