2 arrested for duping people by posing as insurance officials

Two persons have been arrested for allegedly duping people of Rs 7 crore by posing as insurance officials, police said Wednesday.

The accused have been identified as Madhuvendra Singh alias Sanjay (31), resident of Etah, UP and Renu Pandey alias Rashi Pandey (29), resident of East Delhi's Shakarpur, they said.

According to police, the duo targeted hundreds of people and made Rs 7 crore during the process.

"During investigation, the accused revealed that they used to call persons on behalf of IRDA officials and tell them that their insurance policy has been selected for bonus. If they want to get the bonus, they have to deposit money in a particular account. Fifteen bank accounts have been used," said Aslam Khan, DCP (Northwest).

The accused earlier used to work with some of the reputed companies related to the insurance sector and collected the data of policy holders from those companies. Later, they opened these bogus firms, Khan added.

The arrested accused disclosed that in order to make quick money, they planned to target the innocent people, especially the elderly, who had invested or wanted to invest in the insurance sector.

"They made fraud companies and opened fraud accounts. One team was selected for making phone calls to the clients. The tele-callers advised them to surrender their policies and allured them to provide bonus before maturity.

"They also warned investors that if they do not deposit the money as told by tele-callers, the amount of the policy will be forfeited," the DCP added.