Three arrested at Rs. 1.5 crore car insurance scam

Photo: IENS

Bombay: The Mumbai Criminal Division has arrested three people involved in a car insurance scam. Police say the trio created fake email ids and sold more than 1,129 two-wheeler insurance policies in the name of four-wheelers. The scam came to light after TATA AIG filed a complaint with the police. TATA AIG has a link with policybazaar.com and sells car insurance.

Based on the email ids and IP addresses of the defendants, the police arrested the trio identified as Vikesh Krushna Singh, Abdul Razaak Rahman Shaikh and Rajendra Yadav. They were all arrested for cheating, forgery and breach of trust.

The scam was noticed during an internal audit of TATA AIG in July 2021, when the audit team noticed that some of the third party assurances were issued in 2020 and 2021 from the market website. Among them were 258 polices from Maharashtra and 1,129 polices from all over India who had common mobile phone numbers and customer email ids, The Times of India reported.

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Upon closer inspection, they were shocked to learn that in many of these insurances the vehicle type was a two-wheeler when the actual vehicle types were four and six wheelers. They realized that some sort of scam was going on.

Police say scammers using fake email ids were filling in fake information online and taking money from various customers buying insurance for the four-wheelers, but actually paying for insurance for the insurance of the two -wheels. This way, the fraudsters had so far managed to siphon off more than Rs. 1.53 crore.

Police are investigating whether there were more people involved in the scam.

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