Cyberabad EOW arrests IRDAI employee for forgery, diversion of Rs 5.3 crore

Cyberabad EOW officials arrested an IRDAI Assistant Manager for misappropriating Rs 5.3 crore using forged invoices and documents. Police said the accused, caught in a debt trap, diverted official funds into family accounts by manipulating vendor payment details

Hyderabad: The Cyberabad Economic Offences Wing (EOW) on Friday arrested an Insurance Regulatory and Development Authority of India (IRDAI) employee on charges of forgery, cheating, and misappropriation of funds amounting to Rs 5.30 crore.

The accused, Bhaskarabhatla Suryanarayana Sastry, working as Assistant Manager in General Administration at IRDAI, allegedly created forged invoices, office notes, and quotations to divert official funds into his own and his family members’ bank accounts.

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According to police, Sastry had fallen into a heavy debt trap after borrowing hand loans from multiple individuals. To repay them, he devised a plan to siphon IRDAI funds by manipulating payment files.

“He replaced vendors’ bank account details with those of his family members, ensuring that once the files were cleared by higher officials, payments were processed without suspicion,” EOW officials said.

Believing the documents to be genuine, the Accounts Department processed the payments, leading to fraudulent transfers and a wrongful loss of Rs 5.30 crore to IRDAI.

Cyberabad Police have registered a case under multiple sections of the Bharatiya Nyaya Sanhita (BNS) 2023 and are investigating further.