"The accused is identified as Sumit Luhadia. We have recovered fake insurance policies of 43 vehicles and a CPU," Additional SP (Crime Branch) Devendra Patidar said.
He said Luhadia and other members of the racket had opened an office in Ujjain and were involved in the forgery.
"They used to embezzle the premia paid by customers instead of depositing the same in accounts of insurance service providers," Patidar said.
The fraud is estimated to be of Rs 5 lakh.
Luhadia's close aide Vinay Jain is absconding, police said.
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