Accused from UP arrested for selling fake insurance cover worth Rs 4.5 crore

NT Correspondent

Bengaluru: A hailing from Uttar Pradesh was ar rested by the city police after he allegedly cheated over 34 people by selling fake life insurance policies to them.

Based on a complaint filed by one of the victims, the Cyber Economics and Narcotics (CEN) police initiated an investigation into the matter and nabbed an accused identified as Mahaveer Singh, who had allegedly duped gullible citizens to the tune of Rs 4.5 crore, the police said.

Bengaluru Police Commissioner B Dayananda on Tuesday during a conference revealed that the arrested accused was a native of Noida in UP.

The police suspect more accused involved in the scam and have initiated a search to nab Singh's associates. One of the victims of the scam was a resident of Bengaluru, and had registered a complaint with the police last year.

The victim had purchased insurance from Mahaveer and had transferred Rs 15 lakh to him.

The accused, after receiving the amount, switched off his mobile and went incognito. Tracing him, a team of police from the city visited Noida and arrested Mahaveer, the city top cop said.

During the interrogation, the accused confessed to have created a fake website resembling a popular life insurance company to get the unsuspecting people to pay the premium to his account.

He also randomly contacted people and sold them insurance by providing fake bonds. It is suspected that the accused had hired a few people to collect documents such as Aadhaar Cards and PAN Cards from the victims.

Meanwhile the police have frozen six accounts in different banks belonging to the accused and are in the process of contacting the victims.