The web of Insurance fraud is increasing day by day and the latest victim of such fraud is an 86-year-old Delhi resident who lost Rs 6 crore. Police have cracked this case with the arrest of a juvenile, but it also shows the rampant growth of these fraudsters.
According to the police, one of the accused who is a minor is a part of the gang. Posing as an adult, he opened a bank account on the name of M/s FUTURE INDIA a fake company with RBL Bank. This bank was used to siphon and transfer money from gullible victims. The gang used to make random calls offering insurance. As soon money is credited, it is withdrawn from ATMs, leaving no money trail to follow.
In this case, the matter came to light after the daughter of the victim approached EOW to report the matter. She said that her father was maintaining five bank accounts where her siblings were joint account holders, and around Rs, 4-5 crore were lying in these. The bank accounts were operated by her father only since all her siblings are residing in foreign countries.
The complainant noticed that a huge amount had been transferred to the accounts of the unknown persons. On enquiry, her father said that certain individuals, who claim to be officials of an insurance company are helping him to retrieve his money from the companies.
“The money was transferred at the instance of said insurance company officials. From the said five accounts, Rs 85 lakh was transferred to insurance companies and Rs 5.16 crore transferred to other bank accounts, which were also part of the syndicate. Due to old age, her father lost his logic and reasoning and did not realise that he had been victimised,” Joint Commissioner of Police, EOW, O.P. Mishra said.
With apprehension of a juvenile who posed himself as major for opening bank account in his name,EOW @DelhiPolice busted a Telephonic Insurance Fraud racket which cheated a senior citizen ₹ 6 cr.The gang was running call centres for Insurance companies promotional calls.@CPDelhi
— Economic Offences Wing, Delhi (@EOWDelhi) September 10, 2020
A case under relevant sections was registered in August 2019. During the investigation, eight members of the gang were arrested and a charge sheet has already been filed against them.
The detailed investigation revealed that using fake name and documents the juvenile was the proprietor of the firm – M/s FUTURE INDIA having an office at A-66, Sector-65, Noida, UP.
On verification of KYC documents submitted to the banks, it was discovered that all were fake and forged. The only clue for identifying the juvenile was his photo affixed on the Account Opening Form, and on the basis of this, the EOW established his correct identity, traced his residence and apprehended him.
During the investigation, gang members were found to be running call centres which did promotional calls for insurance companies. In this manner, the criminals got access to the data of the complainant. The juvenile’s bank account was utilised for getting the money transferred from the victims.