16 Booked for Rs. 5.63 Crore fraud with Insurance Company in Ferozepur
Ferozepur, August 27, 2024: The Ferozepur police have registered a case against 16 individuals following a complaint by Yogesh Jagarwal of Bharti Axa Life Finance Insurance Co. Ltd, Mumbai. The accused have been charged under Sections 420, 465, 467, 468, 471, and 120-B of the Indian Penal Code (IPC) at Mallanwala Police Station, for allegedly defrauding the insurance company of Rs. 5.63 crore.
Darshan Singh IO informed that according to Jagarwal told that his Bharatiya AXA Life Insurance Company Limited used to take life insurance policies of people and deposit their premiums in Capital Small Finance Bank Limited. From January 1, 2015, to April 1, 2023, different people had taken policies in the life insurance finance company and deposited the money in the accounts of Capital Small Finance Bank.
A case of claiming Rs 5.68 crore from the insurance company by showing living people as dead in fake documents has come to light. Police have named 16 accused, including 10 women, from different districts of Punjab. The accused have committed fraud by opening their accounts in Capital Small Finance Bank and making the living policyholders of Mumbai Life Insurance Company appear dead on paper.
In case during the investigation, any officials from Life Insurance Company or Capital Small Finance Bank Ltd are found guilty, a case shall also be initiated against them.
Superintendent of Police Randhir Kumar stated that the FIR was filed based on allegations of unauthorized money deposits into the accounts of the accused. While the investigation is ongoing, no arrests have been made yet.