Surat Cybercrime Police have arrested three men, including a 64-year-old retired college professor from Ghaziabad, for allegedly cheating a policyholder of ₹1.5 crore by promising refunds on insurance policies.
The investigation has also uncovered links to 73 cyber fraud complaints across 15 states, with investigators identifying 47 bank accounts allegedly connected to the network.
How Did the Insurance Fraud Take Place?
According to police, the accused contacted a Surat resident while impersonating representatives of the insurance ombudsman.
They offered to help recover money from approximately 15 insurance policies and convinced the victim to transfer funds under different pretexts, including processing charges. The complainant eventually lost ₹1.5 crore after making payments believing the promised refunds would be arranged.
Who Are the Arrested Accused?
Police identified the suspects as Atul Sharma, 64, Mahesh Sharma, 43, and Sonu Thakur, 32. Atul, a former professor at IMT College in Ghaziabad, holds BSc and MBA degrees.
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Investigators suspect that the three performed different roles in arranging bank accounts, obtaining SIM cards and contacting potential victims.
How Did the Network Operate?
Police alleged that Atul obtained SIM cards and bank accounts by approaching people under the pretext of helping them secure gas connections.
These accounts were subsequently used to receive fraud proceeds. Investigators said Atul allegedly retained between 35% and 50% of the money collected and transferred the remaining amount to Mahesh. Mahesh reportedly supplied bank account information and SIM cards to Sonu, who contacted victims while posing as an insurance representative.
How Were the Accused Traced?
A Surat police team examined mobile phone records and other technical evidence to identify the suspects. Investigators spent approximately one week in Ghaziabad before arresting the three accused. During the operation, police seized nine mobile phones, 42 cheque books, 17 passbooks, 90 debit cards, 25 SIM cards, approximately 80 blank SIM cards and cash.
What Has the Wider Investigation Revealed?
Police identified 47 bank accounts allegedly linked to the operation.
These accounts appeared in 73 cyber fraud complaints registered across 15 states, suggesting the suspected network extended beyond the original Surat complaint. Investigators are examining the financial and communication records recovered during the operation.
The420 Insight: What Should Policyholders Know?
The case highlights how fraudsters can exploit insurance refund claims to persuade victims to make repeated payments. Policyholders should verify refund-related communications directly with their insurers and avoid transferring money to individuals promising to release funds in exchange for processing charges.
