Mumbai: A relationship manager working with a private life insurance company has allegedly misappropriated Rs36.27 lakh by issuing fake receipts to customers and pocketing the money instead of depositing it with the company. A case has been registered by the Parksite police, and further investigation is underway.
Complainant and Accused Details
According to the FIR, the complainant, Avdhesh Rajkishore Tiwari, 47, is a vertical head at Future Generali India Life Insurance Company, now known as Generali Central Life Insurance Company Limited. The accused, Mohit Shah, had been working as a relationship manager at the company’s Vikhroli West branch since April 1, 2022, and was responsible for selling insurance policies.
The alleged fraud surfaced after a customer, Sanjay Gupta, reported irregularities. Gupta had paid Rs30,000 in cash in September 2023 for a life insurance policy and again paid Rs30,000 in September 2024 for its renewal. When he later enquired about returns, Shah transferred Rs7,000 to him from his personal Saraswat Bank account, raising suspicion. When questioned, Shah failed to provide a satisfactory explanation.
Internal Inquiry and Confession
Gupta then lodged a complaint with the company, prompting an internal inquiry. During the probe, Shah allegedly admitted to issuing fake receipts and collecting money from multiple customers without depositing it with the company. He initially confessed to misappropriating Rs21.40 lakh from 12 customers and promised to repay the amount.
However, a deeper internal audit revealed that the total misappropriated amount had reached Rs36 lakh. To prevent losses to customers, the company reimbursed the affected clients with interest.
Despite Shah’s alleged email assurances to repay the amount, the company terminated his employment on March 18, 2025. Following a formal complaint by Tiwari, the police registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and have launched a detailed investigation.
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