The Economic Crimes Wing of the Delhi Police has arrested a 39-year-old man, a law graduate and former employee of life insurance company HDFC for allegedly deceiving 41 customers out of Rs 2.5 crores. The accused, identified as Pradeep Anand, a resident of Kandivali in Mumbai, and his accomplices opened fake bank accounts using fake documents and fake companies and transferred the amount at maturity of the policies to the accounts. .
Pradeep is currently working as an independent consultant with KM Malle Company in Mumbai.
The accused, in collusion with other accomplices, stole the data of policyholders from HDFC Life Insurance records, altered the KYCs of policyholders whose checks were returned undelivered or unclaimed when due. In addition, Anand’s accomplices opened bank accounts in the name of policyholders with false addresses and the amount at maturity of the policies was transferred to said bank accounts.
A complaint was filed by Ankush Saini in which it was alleged that certain individuals contacted HDFC Life Insurance and changed the KYCs of policyholders and customers whose checks were returned undelivered or unclaimed after the due date.
THE COMPANY SUFFERED LOSSES
The accused opened the fake bank accounts in the name of the policyholders and embezzled the entire amount from the clients of the HDFC Life Insurance Company. Fraudsters allegedly opened 38 fake bank accounts with Axis Bank located in Delhi using fake documents. The company suffered a loss of Rs 2.5 crore, according to the complaint.
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Joint CP EOW Chhaya Sharma said: “During the investigation statements were taken from complainants which revealed that they had taken out a life insurance policy with HDFC Life Insurance Company Ltd. But after the due date, they learned that the due date amount had already been transferred to bank accounts opened in their name with fake addresses.Further investigation revealed that Pradeep Anand had stolen data from the records of HDFC Life Insurance and connivance with other accomplices and that he was instrumental in altering the KYCs of policyholders whose checks were returned undelivered or unclaimed after due date Accomplices of accused Pradeep Anand opened accounts accounts in the name of policyholders with false addresses and the amount at maturity of the policies was transferred to bank accounts.
The police obtained the statements of the bank accounts opened at Axis Bank and the addresses turned out to be false. Copy of policies and original policies after KYC change was obtained from HDFC Life Insurance Company Ltd. The account opening forms as well as the bank statements of the companies in which the defrauded amount was transferred from fake AXIS bank accounts were also obtained. The companies never existed at the addresses given.
The accused joined HDFC Life Insurance Company Ltd as a partner in Mumbai in 2011 and in 2014 he was transferred to the Delhi branch from where he started the fraud. Efforts are underway to uncover the entire conspiracy and arrest the remaining defendants.
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