Jaipur Insurance Fraud: Three Executives Arrested for Rs 58 Lakh Scam
In a significant crackdown on financial crime, three employees of a private life insurance company were arrested in Jaipur on Friday for allegedly siphoning off Rs 58 lakh through a sophisticated fraud scheme. The accused, identified as Suraj Kumar (31), Jagdish Garg (36), and Mayank Katariya (40), all worked as customer care executives with IndusInd Nippon Life Insurance Company Limited.
Police Action and Case Details
The arrests were made in connection with a case registered at Kotwali police station under multiple sections of the Bharatiya Nyaya Sanhita (BNS). According to police officials, the complaint was filed by Vijay Giri of the Fraud Control Unit at IndusInd Nippon Life Insurance Company Limited after an internal inquiry uncovered serious irregularities at the company's Dungarpur branch.
The complaint alleged that certain employees were systematically manipulating policy records, creating forged documents, and diverting policyholders' funds through illicit means. Superintendent of Police Manish Kumar stated that a special team comprising Kotwali police, the district special team, and the cyber cell conducted a coordinated raid at the company's branch office, which is located above an e-Mitra shop opposite Bhogilal Pandya College.
Evidence Seized and Interrogation Findings
During the raid, authorities seized numerous documents, computers, and mobile phones as evidence. Subsequent interrogation of Suraj Kumar reportedly led to the disclosure of involvement by Jagdish Garg and Mayank Katariya, who were posted at the Udaipur branch of the insurance company.
Police investigations revealed that the trio specifically targeted vulnerable insurance policies, including those of deceased persons, individuals suffering from serious illnesses, cases with no legal heirs, and policies that had remained unclaimed for years. This deliberate targeting of policies less likely to be monitored allowed the fraud to continue undetected for an extended period.
Sophisticated Fraud Methodology
The accused employed a complex and calculated methodology to execute their fraudulent activities. According to police reports, they misused the company's cheque reissue and revalidation request procedures, altered Know Your Customer (KYC) details, uploaded forged Aadhaar documents, and created fake bank accounts to facilitate the illicit transfers.
To avoid raising suspicion, the perpetrators transferred funds to unrelated accounts with names similar to those of the original policyholders. In some instances, amounts were diverted to accounts belonging to individuals with near-identical names to the legitimate policyholders, creating a deceptive layer of legitimacy.
Widespread Geographic Impact
Preliminary investigation indicates that this insurance fraud scheme spanned multiple states across India, affecting policyholders in Odisha, Assam, Bihar, Delhi, Uttar Pradesh, Maharashtra, Punjab, and Rajasthan. The interstate nature of the crime suggests a well-organized operation that exploited systemic vulnerabilities in insurance policy management and verification processes.
This case highlights growing concerns about financial fraud within the insurance sector and underscores the importance of robust internal controls and vigilant monitoring systems to protect policyholders' interests and maintain trust in financial institutions.
