7 booked for taking loans of ₹1.33 cr on fake LIC policies

The accused have been identified as Rani Durairaj and Sonali Borse – the insurance agents – as well as Vaishali Shigvan, Manish Jaiswal, Deepak Dani, Ranjit Prasad and Prakash Bet – the borrowers.

Mumbai: Seven people were booked on Saturday for allegedly cheating Punjab & Sind Bank of ₹1.33 crore after taking five-term loans by mortgaging fake Life Insurance Corporation (LIC) policies.

“Later, the bank checked and found the LIC policies to be fake as well. When the borrowers were traced, they said that the two female agents had told them they were taking small loan amounts. However, they learnt they had taken a bigger loan amount in the two agents’ names and had paid the borrowers a very small amount. The two agents had also told them they needed the loan for only three months and will soon repay it,” said the police officer. (Image for representation)

The accused have been identified as Rani Durairaj and Sonali Borse – the insurance agents – as well as Vaishali Shigvan, Manish Jaiswal, Deepak Dani, Ranjit Prasad and Prakash Bet – the borrowers.

As per the police, from April 2022 to August 2022, Durairaj gained the confidence of the then senior branch manager Ambar Upadhyay of Punjab & Sind Bank, Prabhadevi.

“She brought people who opened around 100 bank accounts with the branch. This way she gained his confidence and later also brought several car loan customers who were regularly paying EMI,” said a police officer from Dadar Police Station.

Later, the officer added that she brought five-term loan customers who preferred the Liquid Security Mortgage system and took loans of ₹1.33 crore.

“They even got their LIC policies assigned in the bank’s name to ensure that insurance amounts would go to the bank on the maturity of the policies,” said the officer.

However, when the borrowers stopped paying instalments, the bank sent its staff to their addresses, only to find that the given addresses were fake.

“Later, the bank checked and found the LIC policies to be fake as well. When the borrowers were traced, they said that the two female agents had told them they were taking small loan amounts. However, they learnt they had taken a bigger loan amount in the two agents’ names and had paid the borrowers a very small amount. The two agents had also told them they needed the loan for only three months and will soon repay it,” said the police officer.

All the accused have been booked for criminal breach of trust, cheating and forgery under relevant sections of the Indian Penal Code.