‘Mumbai couple invested fund siphoned from insurance firm’s in real estate’

The company initially reported a fraud of ₹8.09 crore when it lodged a First Information Report (FIR) in the case last month. The EOW later found the couple allegedly siphoned off ₹170 crore over the years

The couple accused of allegedly siphoning off ₹170 crore from the United India Insurance company’s account allegedly invested the money in real estate in the National Capital Region (NCR) and Jaipur, according to Mumbai Police’s Economic Offences Wing (EOW) probing the matter.

Representational Image. (File photo)

Khushel Singh and Neelam Singh, who worked with the public sector insurer as assistant managers, were arrested on June 30.

The company initially reported a fraud of ₹8.09 crore when it lodged a First Information Report (FIR) in the case last month. The EOW later found the couple allegedly siphoned off ₹170 crore over the years.

“...the accused booked 72 properties, including residential flats and commercial spaces in various projects in north India mostly in the NCR. ...they paid approximately ₹100 crore to book these properties. These properties are located in Delhi, Gurgaon, Greater Noida, Ghaziabad, and Jaipur,” said an EOW officer on condition of anonymity.

The couple also allegedly invested over ₹7 crore in a firm for developing an online education mobile application. EOW has managed to recover around ₹10 crore and opened an escrow account to deposit the money.

Police have charged the couple under Sections 409 (criminal breach of trust by public servant) and 120 B (criminal conspiracy) of the Indian Penal Code.

The police are probing how they managed to dodge the audit system of the company.