A massive insurance fraud racket has been uncovered in Ghaziabad, India, with over 25,000 people falling victim to the scam. The fraud, which involves vehicle insurance, has a financial impact of more than Rs 50 crore (approximately Rs 80 crore) in Ghaziabad alone, with 128 people from the city affected. The scam was busted by the Ghaziabad Cyber Police, who arrested two key conspirators, 51-year-old Sartaj and 38-year-old Deepak Thakur.
The accused, who were licensed agents at the RTO office in Ghaziabad, targeted owners of old commercial vehicles and lorries. They would charge full premium for heavy vehicles, ranging from Rs 15,000 to Rs 25,000, but would only apply for insurance policies for two-wheelers, which cost around Rs 1,500. The remaining amount would be pocketed by the gang.
During the investigation, police recovered 84 fake third-party insurance policies from the accused’s mobile phones. These policies were created in the name of several insurance companies, including ICICI Lombard General Insurance, Magma HDI, and Bajaj Allianz, among others. The police have contacted the companies and are investigating the matter further.
The arrested individuals, Sartaj and Deepak Thakur, have degrees in commerce and arts, respectively. A case has been registered against them at the cyber police station in connection with the fraud. The police are working to uncover the extent of the scam and bring all those involved to justice. The investigation is ongoing, and more details are expected to emerge as the case unfolds.
The scam has significant implications, with thousands of people affected across India. The fact that the accused were able to create fake insurance policies in the name of reputable companies raises concerns about the vulnerability of the insurance industry to fraud. The police are working to ensure that those responsible are held accountable and that measures are put in place to prevent such scams from occurring in the future.