Hyderabad: Gang dupes insurance firm, claims policyholders’ amount

Six persons including a manager of an insurance company who allegedly duped policy holders arrested

Hyderabad: Six persons including a manager of an insurance company who allegedly duped policy holders by creating their fake credentials were arrested by the Rachakonda police on Monday.

The arrested persons are Kosaraju Ranga Sai Harsha (27) who works as a key relationship manager in an insurance company, D Akshay Kumar (31), Mohammed Yaseen Ahmed (27), Manyam Prashanth (23), Vutukuri Achyuth (28) and Anugula Prakash Reddy (27).

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The police seized PAN cards, driving license, gold weighing 376 grams, cash worth Rs 6 lakh, cheque books, mobile phones, and freezed bank accounts where an amount of Rs 3.49 lakh is deposited.

Rachakonda Commissioner of Police DS Chauhan said that the gang exploited the loopholes in the functioning of the insurance companies and banks and committed the fraud to the tune of Rs 4 crore.

The prime suspect in the case Ranga Sai had illegally noted down the login ID and password of a few of his colleagues and using it changed the email id and password of the policy holders in the database of the company. He had chosen the policies of NRI’s, elderly people or the policies which remained unclaimed for long due to various reasons.
“After the changing the email id and phone number in the records, Ranga Sai with help of his associates send an email to the insurance company requesting for surrender of policy. The company would sent a surrender link and again Ranga Sai would fill in the form and furnish bank details of accounts open fraudulently on the name of policy holders and take the amount,” said D S Chauhan.

The fraud came to light after an NRI approached the police and filed a complaint stating that some persons had surrendered his policy and claimed Rs 76 lakh rupees. Following the complaint, the police registered a case and took up investigation.

“During investigation it was revealed the gang had formed a well-oiled network and opened bank accounts on the name of the policy holders using fake documents. They photographs were replaced in the identity documents furnished to the bank,” he said.

The money in the case of the NRI was used for purchasing gold ornaments and used for other purposes. So far during the investigation the police found the gang had cheated around 19 persons so far. “A few of the victims are elderly persons and also policy holders who passed away and their kin not aware of the policies purchased by them,” said D S Chauhan.