Crime Investigation Department Registers ₹2.5 Crore Fraud Cases In Pradhan Mantri Jeevan Jyoti Bima Yojana Across State

Bhopal (Madhya Pradesh): The Crime Investigation Department (CID) has registered two cases related to financial irregularities of Rs 2.50 crore in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) across multiple districts of the state, officials said on Thursday.

The social security scheme is aimed at providing life insurance coverage to the economically weaker sections of society. Beneficiaries in the 18 to 50 age group are provided with an insurance cover of Rs 2 lakh against an annual premium of Rs 436, the proceeds of which are disbursed to the designated nominee in the event of the insured's death.

CID Special Director General Pankaj Srivastava said this organised criminal operation was being conducted in a systematic manner across various districts, including Gwalior, Morena, and Ratlam. Investigations revealed that a large number of insurance policies were procured using the same bank accounts.

Insurance coverage was obtained in the names of multiple members within the same family; furthermore, policies were secured with different insurance companies for individuals sharing identical names and addresses. In numerous cases, a single mobile number and email ID were utilised across multiple bank accounts and insurance policies.

WITHOUT KNOWLEDGE

It also came to light that insurance policies were issued in the names of many individuals without their knowledge or consent, with the concerned beneficiaries remaining completely unaware of the existence of such policies.

Within a period ranging from one month to one year after the insurance was procured, these individuals were falsely declared deceased. Allegedly forged death certificates were then procured from municipal bodies, and based on these documents, insurance claims were successfully obtained.

MODUS OPERANDI

The gang employed a meticulously planned network to launder the funds obtained through these fraudulent activities. As soon as money was deposited into accounts opened in Gwalior and Morena, it was either immediately withdrawn via ATMs located in Ratlam, Sawai Madhopur in Rajasthan, Ganganagar, and other locations, or transferred into "mule accounts". Similarly, funds deposited into accounts opened in Ratlam were withdrawn using ATMs located in the Gwalior-Morena region. Action has been initiated to identify and freeze these suspicious bank accounts.