Irda — Fraudulent activity/nil transparency - customer duped

Address:

Hyderabad, Andhra Pradesh

I am a middle class salaried employee working in a public sector for the last 29 years with my head high. Now I have been put in a position of financial distress, bankruptcy by these IRDA officials. I have been cheated from 2013 till 2016 in the name of IRDA. These so called IRDA officers have made me purchase more than a dozen policies in the name of myself and the family members. They even made me purchase policies in the name of different people saying that since my tax limit had exceeded it would not be advisable to purchase policies in my name. So much amount was stuck up with IRDA that I had to comply with whatever they said. They even threatened me that if the amount if not paid through policies my file may be sent for cancellation and there may be a raid by Income Tax authorities. These IRDA officers have made me purchase more than 20 policies in different persons name . I was forced to comply by way of loans from friends, bank, withdrawal of amount from PF, encashing my FDs, encashment of leave, paying children fees through Credit Card etc. there was no one to help me out. I kept pestering the IRDA officials that I was not interested in any extra amount but only the principal amount which has gone from my pocket. I had to encash my leave, withdraw from PF account . The file went on moving from IRDA office to various offices. I requested and pestered but in vain. I was told that this would be the last amount after which there will be no issue. Although I was not able to make both ends meet, and such a huge amount of my hard earned money was stuck up I ventured out and requested amount from family & friends, wife mortgaged all her jewellery, surrendered/took loan against LIC policies. Presently I am debt ridden, my elder brother is suffering from cancer, children are studying and have several other liabilities. I have been cornered from all sides and I have no other options. If ever something happens to my family or myself the so called IRDA officials may be held responsible.

I have the following queries:
• Does IRDA engages in such kind of schemes?
• If it is true, why no written communication instead of verbal?
• Why does everything happen verbally on mobile?
• Why there is no commitment from these officials?
• Why do they threaten that the file would be cancelled if the amount is not deposited?
• Why do different people keep contacting?
• Why are the contact numbers not land line numbers?
• Why the customers cannot contact them at office?

If the above is true, the Government needs to think to revamp the system to bring more transparency for the benefit of the citizens of the country.
Requesting for help and the procedure for lodging a complaint against the so called IRDA officials .

Thanking You In Anticipation