Crime branch arrests 2 insurance agents for duping vehicle insurance buyers

Mumbai: The Mumbai Crime Branch (CB) arrested two insurance agents on Thursday and is on the lookout for at least eight others, who defrauded an insurance company of ₹1

Mumbai: The Mumbai Crime Branch (CB) arrested two insurance agents on Thursday and is on the lookout for at least eight others, who defrauded an insurance company of ₹1.53 crore by selling incorrect policies to vehicle owners across the country, including in Maharashtra.

The fraud surfaced after the insurance company during an internal audit in July 2021 discovered that same mobile phone numbers, email IDs and IP (internet protocol) addresses were used to obtain third-party vehicle insurance policies via Policybazaar in 2020-21 (Getty Images/iStockphoto)

Vikesh Kumar Krishnakant Singh, 39, a resident of Jogeshwari and Mira Road resident Abdul Razzaq Abdul Rehman Shaikh, 31, allegedly made lakhs or rupees by charging clients seeking four-wheeler insurance policies but providing them two-wheeler insurance policies instead. The accused would allegedly edit the policies before forwarding them to their clients, to make it look like the correct policy, and pocket the differential amount.

During investigation, the police found that the gang of 10 had obtained 817 policies from Mumbai and 258 policies from other parts of Maharashtra as well as 54 policies from other states, deputy commissioner of police Balsingh Rajput said.

In all, 1,129 policy holders of Tata AIG Insurance were duped to the tune of ₹1.53 crore

The fraud surfaced after the insurance company during an internal audit in July 2021 discovered that same mobile phone numbers, email IDs and IP (internet protocol) addresses were used to obtain third-party vehicle insurance policies via Policybazaar in 2020-21.

“Company officials then discovered that the group of insurance policy agents under the pretext of selling vehicle insurance policies at cheaper rates were defrauding policy buyers and the insurance company as well,” a crime branch police officer.

The unit 3 of crime branch began conducting an inquiry in April, and a case was registered in the NM Joshi Marg police station in first week of September against 10 agents.

“The gang members would offer four-wheeler insurance at cheaper rates to policy buyers and while filing their details online used to fill two-wheelers, instead of four wheelers or six-wheelers. The accused would then put their e-mail IDs to get the system generated real policy document and would send a forged policy document to the policy buyer. The accused would collect the four-wheeler’s insurance premium at little lesser rate than prevailing market price and deposit the two-wheeler’s premium with the insurance company. They would pocket the differential amount,” said a police officer.

Both the arrested accused were produced in the court on Thursday and remanded in the police custody till September 22.