Insurance policies bought in name of dead people, three held

  • | Wednesday | 3rd October, 2018

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.

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. Police said that it could be the tip of the iceberg as three cases regarding false claims were lodged in the two districts.“We are investigation the role of employees of insurance companies in the scam,” superintendent of police (Bareilly rural) Satish Kumar said.The executive territory manager of a private sector life insurance company, Amit Saxena, had lodged an FIR on July 22 against three – Shahnaz Ali, Shaqib Ali and Mohammed Shaqeel – on charges of cheating. In his FIR, Saxena alleged that the three had purchased policies on forged details of two dead persons.SP Satish Kumar said the two accused arrested in Bareilly have been booked under section 467 (forgery of valuable security, will, etc), 478 (forgery for purpose of cheating) and 471 (using as genuine a forged document) of IPC. 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. On March 12, 2016, Shaqib took two more insurance covers of Rs 15 lakh and Rs 9.9 lakh from other insurance companies. 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. 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. They thought that after a couple of years nobody in the locality would be able to give the exact date of demise of the persons on whose name they had bought the policies but would certainly confirm that the person had died.”A similar case has come to light in Moradabad where one Lakshmi Devi bought a life insurance policy of Rs 8 lakh in the name of her husband Vijay Pal Singh on May 11, 2016, though Singh had died on March 11 the same year. On the basis of a complaint by company official, Amit Saxsena, an FIR under sections 420 (cheating), 467, 468, 471, 511 (punishment for attempting to commit offences punishable with imprisonment for life or other imprisonment) of IPC has been lodged at Bhagatpur police station in Moradabad against the adviser and salesman of the insurance company -- Amit and Rakesh Ranjan Singh, respectively -- and Lakshmi Devi.On Tuesday, police arrested Devi and sent her to jail on Wednesday.

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