Fake insurance racket busted, 3 arrested

Three people have been arrested for their role in setting up a fake insurance company and duping several people by offering them bonuses on their insurance policies. The case came to light, when a director working in the Ministry of Skill Development, Government of India, was duped of Rs 2,07,000 by the accused — Om Parkash Ray, Manish Roy and Ankit Raheja.

While Ray and Manish were arrested from Mangal Bazar in Uttam Nagar, the third accused, Ankit Raheja, a data supplier, was arrested from Noida.   

According to police, the trio had cheated more than a thousand people and had opened up at least 14 fictitious bank accounts.

On 15 December, Dinesh Nijhawan, the complainant, had reported that he had got a LIC policy, in the name of his wife, Kusum Tuli in 1994. The policy had matured in 2014, and on October 29, he received a call from the accused, who posed as an LIC representative and promised him to release an extra bonus of Rs 1,25,000 for the policy.

Dinesh was lured into the trap and ended up paying them Rs 2 lakh for various service charges. However, when he never received any benefit, he grew suspicious and then informed the police. 

“During the course of investigation, surveillance was mounted and the numbers from which the complainant received the calls were monitored. All the addresses of Yamuna Vihar, Ganga Vihar, Shakarpur, Laxmi Nagar, New Kondli, given in bank account’s etc were found to be fake. Further, technical analysis indicated the windfall of an organised racket active in many states of India,” said a senior police official.

Raids were conducted in Laxmi Nagar, where it was revealed that the firm belongs to a CA with name “Kumar Jain and associate”. The Charted Accountant and Directors of the firm, Ashish Jain and Naresh Sharma were interrogated at length and finally they gave the address of the accused who had set up the office with the company.