Ex-HDFC Life Insurance employee arrested for alleged fraud

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Ex-HDFC Life Insurance employee arrested for alleged fraud

New Delhi, Mar 28 (UNI) A former employee of HDFC Life Insurance Company who allegedly changed policyholders’ KYCs with false documents has been arrested by the Economic Crimes Wing of the Delhi Police. The accused, identified as Pradeep Anand (39), worked as a partner in the company. Anand is a law graduate and currently works as an independent consultant in a company in Mumbai. He joined HDFC Life Insurance Company in Mumbai in 2011. In 2014 he was transferred to Delhi and assigned to Paschim Vihar branch, where he started this fraud, said Chhaya Sharma, Co-Commissioner of Police, Offenses Wing economics, Delhi police. The accused allegedly changed the KYCs of policyholders with false KYC documents of 41 clients. His accomplices opened bank accounts at Axis Bank on fake documents and fake companies. The amount of Rs 2.5 crore of policyholders transferred to suspected fake bank accounts, Sharma said. The case was filed on the complaint of Ankush Saini in which it was alleged that a person approached HDFC Life Insurance and changed the KYC of customers/insured, whose checks were returned undelivered or not claimed after the due date. The defendants opened the fake bank A/Cs in the name of the Axis Bank policyholders and embezzled the entire amount from the plaintiff company’s customers/policyholders. During the investigation, the complaining company discovered that 41 customers had been cheated out of Rs 2.5 crore. The fraudsters managed to open 38 fake bank accounts with Axis Bank located at Rajinder Nagar and Rani Bagh in Delhi based on the fake documents. Thus, the plaintiff company suffered an unjustified loss of Rs 2.5 crore, Sharma said. UNICM SHK2220

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