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Time of India
17-05-2025
- Time of India
500cr insurance scam: ED registers money laundering case
Lucknow: The Enforcement Directorate's (ED) Lucknow unit has registered a money laundering investigation against a gang involved in a massive insurance scam exceeding Rs 500 crore. The scam allegedly included fraudulent life and vehicle insurance policies, as well as orchestrating murders to claim insurance payouts. The investigation, now under the ED's ambit, centres around financial crimes such as manipulation of bank transactions, fraudulent claims, and creation of fake documentation for life policies. The scam, which operated across 12 states, was initially uncovered by Sambhal police on Jan 17 after intercepting an SUV with large amounts of cash and forged documents. The investigators have uncovered a disturbing pattern where the gang targeted terminally ill and vulnerable individuals, obtaining insurance policies under false pretenses. The gang would pay short-term premiums and then claim full benefits after the insured persons' untimely deaths. In some cases, policies were even taken out on deceased individuals using forged death certificates. Sources said the ED's focus is on the financial network involved in the laundering of illicit funds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Complete protection with iPru All-in-one Term Plan ICICI Pru Life Insurance Plan Get Quote Undo Officials are analysing suspicious financial transactions, insurance claims and bank activities linked to the scam. The agency has also widened its investigation into the role of banks, insurance companies and govt-backed schemes like the Pradhan Mantri Jan Arogya Yojana (PMJAY) that were exploited by the gang. So far, 50 individuals have been arrested, including two bank employees from Bulandshahr and the owner of East India Investigation Company, who allegedly manipulated insurance verification processes. The ED's investigation will delve into the laundering of fraudulently obtained funds, with a particular focus on tracing the flow of illegal money through banks and other financial institutions. As the probe intensifies, the ED aims to identify all the financial entities complicit in the scam, seize any illicit assets and uncover the extent of money laundering operations. The investigation is also set to probe the involvement of several govt officials, including village secretaries and panchayat heads, who allegedly aided in the scheme. Among the four confirmed murders linked to the scam are those of Daryab, a 38-year-old man from Badaun, who was run over and beaten with a hammer, and Sanjay, a differently-abled man from Islamnagar, allegedly killed by his brother to claim a Rs 95 lakh insurance payout. Similarly, the murder of Aman Kumar in Amroha, along with Mohd Saleem in Rahra, are connected to the fraud network. Assistant superintendent of police, Sambhal, Anukriti Sharma, who worked out the scam, highlighted that this is not just a case of fraud but also involves serious financial crimes.
Time of India
03-05-2025
- Time of India
Four men kill beggar in UP, withdraw Rs 15 lakh from his insurance policies
Representative Image MEERUT: It was an easy case to solve for the police when it happened months ago. A wheel-chair bound beggar, unable to dodge the accident in time, was hit by a passing car that killed him. Open and shut, as they say. And it was, too. Until an insurance firm suspected foul play 20 days ago. Daryab Singh, 38, it has now turned out, was murdered by four men who had craftily been able to pass it on as a hit-and-run to eventually withdraw lakhs from insurance policies they had managed to take out in his name using fraud. Now in police custody, the accused -- Hariom, his brother Vinod Kumar, Pankaj Raghav, a relationship associate at Max Life Insurance who was attached to a bank in Chandausi (Sambhal), and Pratap Kumar, a murder convict out on bail -- had not only eliminated an innocent beggar but successfully withdrawn Rs 10 lakh in his name. Another Rs 5 lakh, released under a govt accident scheme into the account of the dead man's wife, was also siphoned off without the latter's knowledge. Sambhal additional SP, Anukriti Sharma, told TOI on Friday: "Hariom, Vinod and Pratap executed the plan near a hotel in Chandausi in July 2024. After a scouting mission, they first got Daryab drunk. One of them then struck him with a hammer. Once he collapsed, another ran him over to make the death look like a road mishap. The accused stayed at the bloody site until they were sure Daryab was dead. Someone reported an accident at Chandausi thana." After the cremation, Raghav began preparing insurance claims. Daryab's brother Rajender Singh was manipulated into opening a bank account, with Raghav allegedly retaining access and forging consent for the policies. Rajender -- unaware of the true nature of the plan or his brother's violent death -- was misled into believing the money would come from govt welfare schemes.
Time of India
03-05-2025
- Time of India
4 men kill disabled beggar in Uttar Pradesh, fake accident to withdraw Rs 15 lakh from policies
Image generated using AI MEERUT: It was an easy case to solve for the police when it happened months ago. A wheel-chair bound beggar, unable to dodge the accident in time, was hit by a passing car that killed him. Open and shut, as they say. And it was, too. Until an insurance firm suspected foul play 20 days ago. Daryab Singh, 38, it has now turned out, was murdered by four men who had craftily been able to pass it on as a hit-and-run to eventually withdraw lakhs from insurance policies they had managed to take out in his name using fraud. Now in police custody, the accused - Hariom, his brother Vinod Kumar, Pankaj Raghav, a relationship associate at Max Life Insurance who was attached to a bank in Chandausi (Sambhal), and Pratap Kumar, a murder convict out on bail - had not only eliminated an innocent beggar but successfully withdrawn Rs 10 lakh in his name. Another Rs 5 lakh, released under a govt accident scheme into the account of the dead man's wife, was also siphoned off without the latter's knowledge. Accused got Daryab drunk, then struck him with hammer Sambhal additional SP, Anukriti Sharma, told TOI on Friday: 'Hariom, Vinod and Pratap executed the plan near a hotel in Chandausi in July 2024. After a scouting mission, they first got Daryab drunk. One of them then struck him with a hammer. Once he collapsed, another ran him over to make the death look like a road mishap. The accused stayed at the bloody site until they were sure Daryab was dead. Someone reported an accident at Chandausi thana.' After the cremation, Raghav began preparing insurance claims. Daryab's brother Rajender Singh was manipulated into opening a bank account, with Raghav allegedly retaining access and forging consent for the policies. Rajender -unaware of the true nature of the plan or his brother's violent death -was misled into believing the money would come from govt welfare schemes. Explaining how the case was reopened recently despite being closed by police in Dec last year, ASP Sharma said, 'An insurance firm flagged the Daryab case. Although a final closure report was already filed, we subsequently found several inconsistencies..." One major red flag? Everyone knew Daryab, financially weak, was wheelchair-bound and physically incapable of walking more than a few metres. How did he end up 27 km away from his village? Also, his wheelchair was missing from the "accident" scene. Another key question was the financial aspect. Barely surviving on alms, how was it possible for Daryab to purchase multiple policies and pay premiums? Moreover, while the beggar's brother was listed as the nominee, it was Raghav's phone number that appeared on the claim forms. "Finally, call detail records and bank documents helped us connect the dots and confirm the trickery," the ASP said, adding that an FIR was lodged against the four accused under BNS sections 103 (1) (murder), 238 (disappearance of evidence), 61 (2) (criminal conspiracy), 318 (4) (cheating and dishonesty), among others, on Thursday.
