HYDERABAD: The Rachakonda cybercrime police said on Monday that they had busted a Rs. 4-crore worth insurance policies diversion racket with the arrest of six persons.
Police said that the kingpin Ranga Sai Harsha, a relationship manager with an insurance company, and his associate Kosaraju Ranga used to collect the unclaimed money lying in the insurance accounts of policy holders.
Rachakonda police commissioner D.S. Chauhan said Harsha used his associate Akshay Kumar alias Tony, a graphic designer, to create fabricated PAN cards and driving licences. Using these, they opened bogus accounts in different banks on the name of policy holders and claimed the insurance, Chauhan said.
Harsha used to update the email and contact details of the policy holder with his fake mail ID, send policy surrender requests to the company and uploaded the fake bank account details for transfer of surrendered amounts.
Police said Harsha had accessed the login of his employer’s operation team and updated the customers’ profiles to divert the money to his accounts. Chauhan said Harsha stole the login credentials of some of his colleagues by ‘shoulder surfing’, literally looking over the shoulder of the employee.
Police said the accused were involved in 19 fraudulent insurance claims worth Rs. 4 crore. The policy holders were not aware of fraud. Others arrested were Mohammed Yaseen Ahmed, Manyam Prasanth alias Sai Vutukuri Achyuth and Anugula Prakash Reddy. Police submitted in court Rs. 60 lakh cash, 38 four-wheelers, 10 fake driving licences and 376 grams of gold worth Rs. 22 lakh. Police said they had frozen Rs. 3.49 lakh from the accused’s accounts and a 4.5 mm air revolver with pellets on Monday.
