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Time of India
4 days ago
- Business
- Time of India
Aadhaar-linked insurance fraud alert: Insurance scams on the rise; UP Police probe bogus claims using fake identities
Fraudsters are increasingly exploiting Aadhaar-linked identity systems to file bogus insurance claims, prompting a large-scale probe by the Uttar Pradesh Police and a renewed industry push to tighten oversight across health, life, and motor insurance sectors. According to officials, criminals have now moved beyond PIN code manipulation — a fraud technique previously used to bypass claim verification filters — and are forging Aadhaar documents to obtain insurance policies or process fictitious claims, ET reported. As of late July, UP Police have sent notices to multiple insurers, seeking details of claims executives and internal fraud-control teams involved in suspicious transactions. 'Aadhaar is emerging as the latest weak link in the fraud chain,' said Anukriti Sharma, Additional Superintendent of Police, Sambhal. 'Fraudsters have started creating fake identities using forged or manipulated Aadhaar cards to obtain policies and to initiate fictitious claims.' According to industry estimates, fraud accounts for 10–15% of total insurance claims in India. Many of these involve organised rackets that stretch from rural villages to hospital corridors, where vulnerable individuals are persuaded to share Aadhaar details in exchange for monetary incentives. The details are then used to purchase high-value policies, often with the help of small finance banks that offer minimal scrutiny. 'We have had 2–3 cases tied to the UP fraud,' said Krishnan Ramachandran, MD and CEO of Niva Bupa Health Insurance. 'Our fraud investigation team is actively involved. These cases often involve fake documents and coordinated efforts.' Insurers are now increasingly flagging suspicious data and reporting it to the Insurance Information Bureau (IIB), the sector's central fraud-monitoring agency. The IIB has been stepping up its use of analytics modules to detect patterns across claims and verify anomalies. One such module, which holds over 144 million records, helped identify 3 lakh potentially fraudulent life insurance cases involving a sum assured of Rs 1.73 lakh crore over the past five years. In several cases under investigation, police found that fraudsters altered Aadhaar-linked phone numbers and email addresses to prevent insurers from verifying claims with actual policyholders. These discrepancies often remain undetected until funds are withdrawn or a claim is processed. The probe also revealed that in many instances, claims were filed in the names of people who were either deceased or terminally ill, with syndicates using altered addresses to bypass blacklisted PIN codes. Policies of Rs 20 lakh or more were often involved. Stay informed with the latest business news, updates on bank holidays and public holidays .
Economic Times
5 days ago
- Business
- Economic Times
Aadhaar is new weak link in insurance
Synopsis Fraudsters are exploiting Aadhaar-linked processes in the insurance sector by manipulating data and forging documents to file bogus claims across motor, health, and life insurance. Investigations reveal coordinated efforts involving fake identities, altered addresses, and exploitation of vulnerable individuals. Insurers and the IIB are enhancing fraud detection measures to combat these evolving tactics. Agencies Mumbai: After manipulating PIN codes for over a decade, fraudsters have found a new way in the insurance system to exploit Aadhaar-linked processes for identity-based frauds. From motor insurance to health claims, criminals are now manipulating Aadhaar data through forged documents to file bogus Police have, as of late July, sent out notices to several insurance companies to share details of the claims teams and other executives involved. These cases involve fake documents and coordinated efforts across banks and insurers. Fraud in the insurance sector is estimated to be around 10-15% of the total claims made. Insurers are increasingly sharing the 'red-flag' data to the Insurance Information Bureau (IIB) to control it."Aadhaar is emerging as the latest weak link in the fraud chain," said Anukriti Sharma, additional SP Sambhal. "Fraudsters have started creating fake identities using forged or manipulated Aadhaar cards to obtain policies, and to initiate fictitious claims." Investigations by UP Police have shown that not only are these criminals targeting life and health insurance policies with forged documents but are also running organised rackets for auto insurance."We have had 2-3 cases tied to the UP fraud," said Krishnan Ramachandran, MD and CEO, Niva Bupa Health Insurance. "Our fraud investigation team is actively involved. These cases often involve fake documents and coordinated efforts."Several life insurers and general insurers have reported instances where Aadhaar-linked phone numbers and email IDs did not match the policyholder's actual contact details, and these frauds go undetected until a claim is filed or money is certain cases, police found that the syndicate members scout hospital corridors and rural villages for the most vulnerable or people already facing death or poverty. They convince families to hand over Aadhaar details, alter addresses to bypass blacklisted pin codes, and open accounts in their names using small finance banks with less oversight. Then came the life insurance policies where policies worth ₹20 lakh or more are has been stepping up efforts using several modules and platforms for fraud detection and prevention. For instance, one of the tools that stored 144 million records helped identify 300,000 potentially fraudulent life insurance cases, involving a sum assured of ₹1.73 lakh crore over five years.
Time of India
02-07-2025
- Time of India
Insuring dying & dead: 50 firms, finmin meet with senior cops
Meerut: Six months after a multi-crore insurance scam surfaced in UP's Sambhal district, senior officials from the Union finance ministry, insurance regulatory bodies, over 50 insurance companies, and investigative agencies met in Sambhal on Monday to plug critical policy gaps and improve coordination. At the conclave hosted by UP Police, officials proposed systemic reforms to combat insurance fraud, including changes to Section 45, improved data sharing, and tighter scrutiny of investigation processes. The scam, first reported by TOI, involved policies being taken out in the names of terminally ill or dead individuals across more than 12 states. "The findings uncovered during the probe prompted the need for a national-level dialogue on fraud prevention. The idea came from the case details we encountered over the past six months," said Anukriti Sharma, Sambhal additional SP and lead investigator. SP Krishna Bishnoi said the conclave concluded with a range of suggestions. "We discussed better coordination among insurers, the need to relook Section 45, investor protection, standardisation of probe procedures, and stronger communication between cops and insurance firms," he told TOI.
Indian Express
01-07-2025
- Business
- Indian Express
Sambhal Police organise insurance conclave on tackling industry fraud
THE SAMBHAL Police on Monday organised an Insurance Conclave in Noida, bringing together officials from the Ministry of Finance, Insurance Regulatory and Development Authority of India (IRDAI) , Reserve Bank of India (RBI) and leading insurers to address systemic challenges and share fraud-busting insights. Additional Superintendent (SP) Anukriti Sharma told The Indian Express that the summit's panel discussions will be compiled into a detailed report for the Finance Ministry. 'The problems are genuine. The biggest problem is that the organisations concerned do not talk among each other. We are planning to make this (communication) a regular feature,' she said. The participants included Meena Kumari, Executive Director of IRDAI; Ramesh Khade, Director at the Institute of Healthcare, Insurance and Risk Management; Mandakini Balodhi, Director in the Ministry of Finance's Department of Financial Services; and Sambhal SP Krishan Bishnoi. At the event, Balodhi said that the aim of the government is to take the government schemes and insurance to every household.
News18
05-06-2025
- News18
Fake Policies, Documents & Murder: ED Probes Rs 100-Crore Insurance Scam In UP
Last Updated: The scam has links to at least 12 states, and 17 FIRs have been registered, including four murder cases The Enforcement Directorate (ED) has launched an investigation into a massive insurance scam in Uttar Pradesh's Sambhal district involving fake policies, forged documents, and even murders to claim insurance money. The total fraud is estimated to be over Rs 100 crore. Officials said the ED has sought related documents and FIR copies from the UP police as part of their probe. Additional Superintendent of Police (South), Anukriti Sharma, told reporters the gang has been under surveillance since January. So far, 52 people have been arrested, about 50 are still absconding, and three have surrendered in court. Further explaining on how the scam worked, Sharma revealed the gang targeted young people and sometimes killed them to claim life insurance money. They also took policies on terminally ill people, such as cancer patients, or on those already deceased. Using fake documents and tampered records, they cheated health and life insurance companies. The scam has links to at least 12 states, and 17 FIRs have been registered, including four murder cases. In the murder cases, deaths were disguised as road accidents caused by unidentified vehicles to claim insurance payouts. These FIRs were initially closed but reopened after police found irregularities. Investigations revealed that 29 death certificates used by the gang were completely fake, while some genuine certificates had altered dates to fit insurance claims. Sharma also confirmed that the ED's requests for FIRs and other documents have been fulfilled by the police. The scam's operations are not limited to Sambhal. Cases have been found in nearby districts like Amroha, Badaun, and Moradabad. Police believe the fraud amount has already crossed Rs 100 crore and could rise as the investigation continues. Early findings by the UP police point to the involvement of ASHA workers, health sector staff, and insurance company employees. The investigation on the case is currently ongoing, with more arrests expected soon. (With inputs from PTI) First Published:
