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Delhi police arrests train HDFC insurance company employee for Rs 2.5 crore fraud

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The Economic Offenses wing of Delhi police arrested a 39-year-old man, a law graduate and a former employee of HDFC Life Insurance company for allegedly cheating 41 customers to the tune of Rs 2.5 crores. The accused, identified as Pradeep Anand, a resident of Kandivali in Mumbai, and his accomplishments opened fake bank accounts with the help of fake documents and fake companies and transferred the maturity amount of policies in the accounts.

Pradeep is currently working as a freelance consultant with KM Malle Company in Mumbai.

The accused, in connivance with other accomplishments, stole data of policy holders from records of HDFC Life Insurance, changed the KYCs of the policy holders whose checks were returned undelivered or unclaimed maturity. Further, the accomplishments of Anand opened bank accounts in the name of policy holders with fake addresses and the maturity amount of policies was transferred to said bank accounts.

A complaint was filed by Ankush Saini, in which it was alleged that some people approached HDFC Life Insurance and changed the KYCs of policy holders and customers whose checks were returned undelivered or unclaimed after maturity.

COMPANY SUFFERED LOSSES

The accused opened the fake bank accounts in the name of policy holders and siphoned off the entire amount of customers of the HDFC Life Insurance Company. The fraudsters allegedly opened 38 fake bank accounts with the Axis Bank located in Delhi with the help of fake documents. The company suffered a loss of Rs 2.5 crore, the complaint said.

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Joint CP EOW Chhaya Sharma said “During the investigation, statements of complainants were recorded which revealed that they had purchased a Life Insurance policy with HDFC Life Insurance Company Ltd. But after maturity, they came to know that the maturity amount had already been transferred to bank accounts opened in their names with fake addresses. Further investigation revealed that Pradeep Anand had stolen data from records of HDFC Life Insurance and in connivance with some other accomplishments and he was instrumental in changing the KYCs of the policy holders whose checks were returned undelivered or unclaimed after maturity. The accomplishments of accused Pradeep Anand opened bank accounts in the name of policy holders with fake addresses and the maturity amount of policies was transferred in bank accounts.”

PROBE ON

Police obtained the statements of bank accounts opened in Axis Bank and the addresses were found to be fake. The account opening forms as well as bank statements of companies in which the cheated amount was transferred from fake AXIS Bank accounts have also been obtained. The companies never existed at the given addresses.

The accused joined HDFC Life Insurance Company Ltd as an Associate in Mumbai in 2011 and in 2014, he was transferred to the Delhi branch from where he started the fraud. Efforts are underway to unearth the entire conspiracy and arrest the remaining accused.

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