Man arrested in connection with insurance policy fraud

A fraudster carrying a reward of Rs 50000 on his arrest has been held in connection with insurance policy frauds in Hyderabad and Delhi, police said today.
A team of Crime Branch arrested Alok Sharma on specific input from Mahanagar in Bareilly. Sharma was a member of a gang whose another member Gyaneshwar was arrested previously, said Ravindra Yadav, Joint Commissioner(crime) of Police.
At least 10 cases involving nine insurance policy holders in Hyderabad and one in Delhi, have been solved with arrest of the duo, he said.
The gang used to procure data of insurance policy holders through Gyaneshwar who worked as insurance broker. The potential targets were approached through a telecalling facility in Moti Nagar Industrial area.

The police got wind of the gang following an FIR registered on a complaint of Anand Gyanchandani at Paschim Vihar police station. The complainant was cheated to the tune of Rs 23 lakh on the promise of big bonus.
The gang used to demand a processing fee of Rs 25,000 and later kept on asking for more to speed up the process of bonus payment.