52 held in Noida raids on fake insurance companies

“Offices of a fake insurance company in sectors 11 and 64 were raided. They used to dupe people by luring them with false promises of bonus payments and maturity amount against their life insurance policies. They would ask people to deposit money in different bank accounts,” said Triveni Singh.

By: Express News Service | Noida | Published:August 18, 2017 6:00 am
fake insurance companies, noida fake insurance companies, noida raid, fake insurance companies raid, noida news, indian express news, delhi news Police said one Kapil Tyagi from Saharanpur was the head of the group’s operations.

On March 27, a retired Lt Colonel had approached the police in Fatehpur district with a complaint. He claimed that three companies had duped him of Rs 56,77,000 by offering him bonus and maturity amount against his life insurance policy, police said. After a four-month investigation, the Special Task Force (STF) of UP Police Thursday arrested 52 persons after raiding two offices in Noida.

“Offices of a fake insurance company in sectors 11 and 64 were raided. They used to dupe people by luring them with false promises of bonus payments and maturity amount against their life insurance policies. They would ask people to deposit money in different bank accounts,” said Triveni Singh, SP Noida STF.

Around 500 pages of data from two insurance companies were also recovered. “This is also a case of data theft. Confidential information about people who had insurance policies were procured by the accused. They looked for those whose bonuses had been declared or who were surrendering their life insurance policy. They would call these people and offer more bonus or the maturity amount in lieu of some money. A retired scientist and an Allahabad-based professor were duped of Rs 75 lakh and Rs 97 lakh respectively,” Singh further said.

Police said one Kapil Tyagi from Saharanpur was the head of the group’s operations. “During interrogation, Tyagi told police that in the last few years, he set up fake companies which duped people with false promises. Six accounts of three companies were seized and transactions of Rs 12 crore have been found so far. Further investigation is underway,” Singh said.

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