Cyber Crime Police Arrest Man In Insurance Fraud

The Cyber Crime Unit of the Hyderabad Police has arrested a Sharad Garg, 35, of Ghaziabad, Uttar Pradesh, for his alleged involvement in an inter-state insurance fraud racket.

Garg is reportedly linked to six fraud cases across India, including one in Telangana.

According to the police, a Hyderabad-based victim was duped of Rs 6.45 lakh by a fraudster posing as a MaxLife Insurance official, who promised to renew his Axis Bank-linked policy. The victim made multiple transfers via PhonePe before realising that it was a scam. A case was registered under relevant sections of the IT Act and the Bharatiya Nyaya Sanhita.

Investigations revealed that the fraudster was Garg, a former pan masala trader, who had conspired with two others - Munna and Sunil Kumar - to arrange "mule bank accounts" for receiving fraudulent funds in exchange for a 15% commission. The money collected from the victims was routed through multiple accounts opened under various names and later withdrawn for distribution among the accused.

The police seized three mobile phones, four cheque books, two ATM cards, one laptop and two fake company stamps from Garg.

The police have urged citizens to verify insurance agents before making payments, and to report suspected frauds via the National Cybercrime Portal (https://cybercrime.gov.in).