Ludhiana, October 17, 2019: Commissionerate Police have unearthed a fake insurance company racket and arrested four conmen posing as representatives of insurance companies.
The accused used to call up unsuspecting policy holders and informed them that the terms and condition of their existing policies have changed and premium has increased. Then they told them that if they change their policies to another company, they will get more benefits.
Rakesh Agrawal, Commissioner of Police, Ludhiana, said fraud came to light after a person from Ludhiana made a complaint to Cyber Cell of Ludhiana police regarding fraud committed with him by such fake insurance agents to the tune of Rs 3.4 crore.
These conmen obtained personal information of policy holders from grey market, which enabled them to win the confidence of the victims and lure them to buy their policies.
FIR No. 212 dated 11-10-2018 under Section 420-120B IPC, added offence Section 66-D of IT Act, been registered in PS Sarabha Nagar, Ludhiana.
Cops arrested the accused, who were running their racket from Moti Nagar area of Delhi. The accused were allegedly involved in duping more than 100 insurance policy holders. They worked from call centres in the name of a Company Policy volicy.
The arrested persons are Yogesh Kumar, Sunil Kumar, Akash Kumar and Mosami while the mastermind Vikas Malhan and Jatin Khanna are still at large.
The accused were having call centres in Delhi, Gurgaon and Faridabad. They illegally procured data of about 10,000 customers of various insurance companies.
They made calls to these customers pretending to be from the same company and luring them to change their insurance company and invest through them.
They were earning as high as 60% of invested amount as commission in these cases as incentive. In some cases policies were genuine but the terms and conditions were not explained to the customers properly.
They hid the terms and conditions of the policies and wrongly told buyers that the policy amount needed to be paid for only 1 to 2 years.
In this case they used 4-5 fake names to call the victims. They were calling victims in Punjab from fake name resembling Punjabi surname and were calling South Indian victims from fake names resembling south Indian names.