Mumbai Crime Watch:  Agent loses ₹4 cr while seeking a refund of ₹3L, four held
File Photo

The city crime branch has arrested four persons for allegedly duping a city based trader to the tune of Rs 3.88 crore over the last five years. The trader identified as Rajendra Mandviya, 57, was seeking for refund of Rs 2.87 lakh from an insurance company. Unfortunately his data got leaked to cyber fraudsters who then continued to dupe him over the last five years. The four persons who have been arrested so far had given their accounts to the fraudsters where the money was received, while the main accused are still at large.

According to the police, Mandviya an LIC agent from Vile Parel had taken several insurance policies worth Rs 20.89 lakh on her daughter's name in 2015. Later he realised that he could not afford to pay the premiums for the policies and decided to surrender them. The insurance company refunded only Rs 18 lakh and the trader was after the insurance firm to return the remaining Rs 2.87 lakh paid as premiums.

"Unfortunately his data got leaked to cyber fraudsters who then approached him posing as representatives of the insurance firm. Initially he was made to pay for various reasons such as issuing NOC, IRD charges and advocate fees and so on. When he continued to pay them, the fraudsters changed their modus operandi and told Mandviya that he could claim compensation from the insurance firm. They promised him compensation worth crores and lured him into the trap," said Dipak Chavhan, senior inspector of crime branch unit, 6.

Believing them that he would make easy money, Mandviya continued to pay them, and ended up spending Rs 3.88 crore over five years. He sold his house and his office believing that he would make money. The fraudsters used to send him photographs of cheques issued in his name as by the insurance firm as compensation so that he continued to believe them. One such cheque was purportedly of Rs 14 crore, added the officer.

In February this year, Mandviya finally approached police and registered his complaint. During investigation it was revealed around 50 accounts on false documents were created for the fraud. A team was recently sent to Delhi who nabbed the four Pridershi Gambhir (36), Rajesh Kashyap (38), Vinay Kumar (30) and Ajay Kashyap (46). The accused gave their documents to open bank accounts in which the money was received.

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