Cheating case: Panchkula court rejects bail plea of CEO, V-P of insurance firm

The accused were booked by the Panchkula police in a case of cheating, forgery under sections 420, 467, 468, 471 of the Indian Penal Code (IPC) on September 12.

Written by Srishti Choudhary | Panchkula | Published: November 20, 2015 8:34 am

A local court on Thursday dismissed the anticipatory bail application of chief executive officer (CEO) and vice-president of an insurance company who were booked for allegedly cheating a Panchkula resident by mis-selling life insurance policies worth Rs 14.29 lakh through tele-callers.

Stating that prima facie, the allegations against the accused are very serious in nature, the court of Additional District and Sessions judge Rajnish Kumar Sharma stated that a detailed probe was required to verify the allegations.
For that purpose, their custodial interrogation was required. Therefore, the court dismissed the anticipatory bail of the two accused.

The accused — CEO Sandeep Ghosh, 47, and vice-president Gaurav Bhatia of Bharti AXA Life Insurance company — were booked by the Panchkula police in a case of cheating, forgery under sections 420, 467, 468, 471 of the Indian Penal Code (IPC) on September 12.

The case was registered on the complaint of P D Joshi, 67, a resident of Sector 9, who alleged that he was trapped by the tele-callers who had given wrong information on the refund of earlier policies by showing the fear of income tax raid and impersonating as Insurance Regulatory and Development Authority (IRDA) chairman, insurance complaint officers, bank officers and tax officers. In the name of a fixed deposit, they took the huge amount from him through cheque, he alleged.

Joshi, in his written complaint to the police, said that eight life insurance policies worth Rs 14.29 lakh were issued in the name of his family members, Shelly Joshi, Prerna, Janvi and in his name, and he has been shown as the proposer, though he had never given his consent to insure them with his money.

Highlighting the illegalities, Joshi said that his annual income, educational qualification, height, contact number and email ID were mentioned differently in the eight policies, indicating that the company had violated the Anti-Money Laundering (AML) guidelines.

He was allegedly kept in the dark for a very long time. When he submitted a complaint against cheating, fraud and forgery to the company in its branch office in Sector 34, Chandigarh, the company rejected his complaint, following which he moved the court.

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