Rachakonda police bust insurance racket, arrest 6; Rs 60 lakhs seized

HYDERABAD: The Rachakonda Cyber Crime Police have busted an insurance racket and arrested a gang of six persons in Hyderabad for allegedly duping policyholders of Rs 4 crores. Cash to the tune of Rs 60 lakhs was seized from them. One of the arrested persons is Ranga Sai Harsha, an employee of a leading private insurance company.

According to Rachakonda Commissioner of Police DS Chauhan, Kishore, an NRI hailing from Yapral of Medchal-Malkajigiri district, had taken two Unit Linked Insurance Policies (ULIP) worth Rs 45 lakh in 2012 and 2014 from a private insurance company. However, the email id and contact number of the customer were registered wrongly and the complainant was unaware of it for years.

While he went to the insurance company office, he came to know that his details were entered wrongly and the maturity money was collected by an unknown person. Realising that he was cheated, the victim complained to the Rachakonda Cyber Crime Police alleging the maturity amount of the policyholders was extorted through fake documents with the help of employees of the company for the past few years.

The Rachakonda Commissioner said that Harsha, the kingpin, had siphoned off close to Rs 4 crore policy amount of various policyholders in this fashion since 2017. He said that the matter came to light with the NRI’s complaint.