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Three arrested in Rs. 1.5 crore vehicle insurance scam

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Photo : IANS

Mumbai: The Mumbai Crime Branch arrested three people who were involved in a vehicle insurance scam. Police said that 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 lodged a complaint with the police. TATA AIG has a tie-up with policybazaar.com and sell vehicle insurance.

Based on the email IDs and IP locations of the accused, police have arrested the trio identified as Vikesh Krushna Singh, Abdul Razaak Rahman Shaikh and Rajendra Yadav. They all have been booked 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 insurances were issued in 2020 and 2021 from the market website. Among them were 258 policies from Maharashtra and 1,129 policies from across India which had common mobile numbers and customer email IDs, Times of India reported.

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On closer look, they were shocked to learn that that in many of these insurances, the vehicle type was a two-wheeler while actual vehicle types were four and six wheelers. They realised that some kind of scam was being carried out.

Police said that the fraudsters using fake email IDs were filling out false information online and taking money from various clients by buying insurance for four-wheelers but were actually paying insurance for two-wheeler insurance. This way the fraudsters had so far managed to siphon off more than Rs. 1.53 crore.

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

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