Insurance agents in Mumbai indicted for deceiving 1,129 policyholders | Bombay News


Mumbai: General insurance company Tata AIG filed a police complaint after a group of more than 10 insurance agents tricked the company’s 1,129 policyholders and also cost the company around 1.53 crores.

NM Police Joshi Marg booked Amit Kewat, Raju Yadav, Harshad Tiwari and unidentified users of 10 email ids.

According to the FIR filed on the complaint of Padmakar Tripathi, associate vice president of Tata AIG General Insurance, the members accused of the racketeering would offer four-wheeler insurance at cheaper rates to policy buyers and while filling in their details online used to complete two-wheelers, instead of four-wheelers.

“They would then put in their email ids to get the real policy document generated by the system and send a forged policy document to the buyer of the policy. The defendant would collect the insurance premium for the four-wheeled vehicle (which is lower than the actual market price) from policy buyers and would deposit the premium for the two-wheeled vehicle with the insurance company. They would pocket the excess amount,” a police officer explained.

The fraud surfaced after the complainant insurance company, during an internal audit in July 2021, discovered that the same mobile phone numbers, email IDs and Internet Protocol (IP) addresses had been used to obtain 1 129 third-party auto insurance policies through Policybazaar in 2020-21.

“When company officials further checked the details of insured vehicles on the government website, they noticed several discrepancies regarding the type of vehicles insured. Company officials then discovered that a group insurance policy agents under the guise of selling auto insurance policies at lower rates were defrauding policy buyers as well as the insurance company,” a police officer said.

The company received less premiums compared to the policies and therefore suffered an unjustified loss, the officer added.

The company had in April this year filed a complaint with the Commissioner of Police. The commissioner then ordered officials from Unit-3, Mumbai’s criminal arm, to conduct a preliminary investigation. Officials in the criminal branch of the investigation found evidence pointing to the commission of a recognizable offense and as a result, on Friday an FIR was registered.

Police are now looking for wanted defendants and are also calling victim insurance policy buyers to record their statements, a police source said.


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