Summary:
On March 12, 2016, Shaqib took two more insurance covers of Rs 15 lakh and Rs 9.9 lakh from other insurance companies. Bareilly: With the arrest of three people -- two in Bareilly and one in Moradabad -- on Wednesday, police claimed to have busted an insurance racket in which the accused bought life insurance cover to the tune of Rs 2.43 crore in the name of dead people and made claims by submitting fake documents. In all the three policies, the nominee was Shoib’s mother Shahnaz Ali.In June this year, Shaqib approached the insurance companies and to make claims saying that his nephew, Shoib, had died on April 25, 2016, due to some illness. The SP said an accused woman, Shahnaz Ali, was absconding.Police said that Shoib Ali, a resident of Thiria Nizavat Khan locality, had died in January 2016 but Shaqib on March 7, 2016, bought a life insurance policy of Rs 10 lakh on Rs 50,000 annual premium in Shoib’s name. When the insurance companies started their own investigation, they were shocked to know that Shoib had died two months before the date on which the policies were issued.Similarly, the accused Shaqib had taken other policies of Rs 2 crore from 10 different insurance companies in September 2015 in the name of one Shohab Ali, who had died earlier.SP Satish Kumar said, “The accused waited for two years to approach the insurance companies to make claims since they were aware that the insurance companies would initiate their own investigation..