The Rachakonda Cyber Crime Police have busted Rs 4 crore insurance policy fraud and apprehended six persons. The police also seized property worth Rs 60 lakh.
The police received a complaint on April 21 from an NRI residing in Yapral, when he stated that in 2012 and 2014, he had taken two unit linked insurance policies worth Rs 45 lakh from a private insurance company. While taking the policies, there was a typographical error made by the NRI which went unnoticed for years.
Recently, when he went to the branch office, he was surprised when he was informed that on an email request, his policies were surrendered and Rs 76.05 lakh was credited to the South Indian Bank account of one Kishore Kumar. As he was unaware of this, he filed a complaint with the police.
During investigation, the officers collected crucial evidence at the bank and in a jewellery shop at Mehdipatnam where the fraudsters had purchased gold worth Rs 56 lakh. Based on the evidence, the police identified a fake account holder named Yaseen Ahmed and five other persons involved in the scam on May 2.
The accused would keenly observe lacunae in the online policy surrender system and find a way to make quick money out of it. A1 Harsha would help his associates in arranging fabricated PAN cards, driving licences and open a bank account in the name of the policy holder. Thereafter, they would update the contact details of the policyholder and request the insurance company to surrender the policy.
Rachakonda CP DS Chauhan said that since 2019 until now, the gang has indulged in 19 cases and committed frauds worth Rs 4 crore.
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