An insurance scam involving vehicles has resulted in the arrest of three people by the Mumbai Crime Branch. Over 1,129 two-wheeler policies were sold under the names of four-wheelers through fake email IDs created by the trio, according to police.
After filing a complaint with the police, TATA AIG became aware of the scam. Policybazaar.com is a partner of TATA AIG for the sale of vehicle insurance.
Vikesh Krushna Singh, Abdul Razaak Rahman Shaikh and Rajendra Yadav were identified as the accused by their email addresses and IP addresses. In addition to cheating and forgery, they were also charged with breach of trust.
When the audit team noticed that some third-party insurances were issued from the market website in 2020 and 2021 during an internal audit of TATA AIG in July 2021, the scam was discovered. According to Times of India, there were 258 Maharashtra policies and 1,129 policies from across India with common mobile numbers and email addresses.
Upon closer inspection, they discovered that many of these insurance policies listed two-wheelers as vehicle types while actual vehicles were four and six wheels. It became apparent that they were being scammed.
A police report states that fraudsters were using fake email addresses to fraudulently buy insurance for four-wheelers while paying for two-wheeler insurance using fake email addresses. Over Rs. 1.53 crore had been siphoned off by the fraudsters this way.