Hyderabad: Fake insurance racket busted, 11 held
The Special Operations Team (SOT) of Cyberabad police on Tuesday busted a fake vehicle insurance racket and arrested 11 persons who were selling fake insurance to vehicle owners.
Hyderabad: The Special Operations Team (SOT) of Cyberabad police on Tuesday busted a fake vehicle insurance racket and arrested 11 persons who were selling fake insurance to vehicle owners.
According to police, the accused gang members were working as pollution agents who were deployed at various places with the pollution testing vehicles. While working as agents if a customer approaches them to renew the pollution, they would enquire whether the customer has insurance or not. If the customer denies then they would offer him the insurance policy.
Similarly the gang had also colluded with RTA agents and if any person would purchase a new vehicle then the RTA agent would divert the person to this gang members for obtaining of insurance because if a person gets insurance directly from the showroom then it costs a bomb as the insurance has been made mandatory on every purchase of vehicle, said VC Sajjanar.
He noted, "In order to avoid some savings on the insurance the people who purchased new vehicles would get lured by the RTA agent and then obtain a fake vehicle insurance which was sold to them somewhere between Rs. 5000 and 10000. In such a way, the gang members have created fake insurance policies of Reliance General Insurance, Kotak General Insurance, HDFC ERGO General Insurance, IFFOC-TOKIO General Insurance, Chola MS General Insurance, Future General Insurance, Shreeram General Insurance and Royal Sundaram General Insurance and have been cheating the original insurance companies." A total of 1125 fake vehicle insurance policies, 3 stamps, computers, printers, cash amount of Rs. 57000 was seized from their possession and the arrested will be remanded to judicial custody.