HYDERABAD: The Rachakonda police on Monday arrested six persons for their involvement in a Rs 4-crore insurance policy fraud. The main accused in the case is a relationship manager in an insurance company.
The police found that since 2019, the culprits had pulled off 19 such frauds and made huge sums of money which they splurged on a lavish lifestyle.
According to the police, the six culprits were: Kosaraju Ranga Sai Harsha, working as a relationship manager in an insurance company, graphic designer Duppalapudi Akshay Kumar, food delivery boy Mohammed Yaseen Ahmed, cab driver Manyam Prasanth, Vutukuri Achyuth, and Anugula Prakash Reddy.
The prime accused pulled off the scam after noticing that some policyholders did not claim their insurance amount even after the maturity of their policies.
The culprits who found that one NRI had not claimed his maturity amount, came up with fake PAN numbers and other documents and created a bank account in his name.
Then, impersonating as the policy-holder, he made a request for settlement of the maturity claim and got Rs 76,00,562 credited to his account. On a complaint from the NRI, a police team collected evidence at a branch of South Indian Bank and at a jewellery shop at Mehdipatnam where the fraudsters had purchased Rs 56 lakh worth of gold coins and biscuits. The police also collected CCTV footage and other technical evidence before arresting them.