Three insurance firm staff held for swindling Rs 21 lakh

The Tirupur Central Crime Branch (CCB) police arrested three former staff of a private life insurance firm for siphoning off Rs 21 lakh premium paid by policy holders.
Central Crime Branch
Central Crime Branch


The three men had committed the forgery while working in Reliance Nippon Life Insurance firm. Police identified the fraudsters as Arun Kumar (30), a former marketing manager and Venkatesh Babu (54), a former sales executive and both hailing from Coimbatore and collection agent Diwakar (30) from Tirupur district.

An internal audit by the Mumbai headquartered firm revealed that premiums paid by the policy holders were not credited in the account of the company. Further inquiries revealed that the trio had swindled the money paid as a premium from 30 policy holders for more than a year from January 2017 to February 2018.

To evade suspicion, they issued fake cash receipts to policy holders, who paid their premiums. Two others, Shankar and Manikandan were also involved in the offence but had gone into hiding.

Based on a complaint from the insurance firms branch manager Nagarajan Murugan, the CCB sleuths registered a case and arrested the three-person and a search is on to nab others.

The private firm had sacked the fraudulent staff when it found their involvement in the offence. Further investigations are on.

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