Duo set up a fake insurance company and cheated over 100 city residents
Towards the end of 2011, two brothers from Teynampet decided to make some quick money.
To achieve this, they floated a fake insurance firm using the name of a well known Indo-Japanese insurance company, campaigned extensively and enlisted over 100 people for various policies. They ran the firm for about a year and a half, and reportedly swindled over Rs. 28 lakh, before being caught.
According to officers at the Central Crime Branch (CCB), the brothers, Ashok Kumar (32) and Sukumar (38) are both residents of Elaiamman Koil Street.
Ashok Kumar worked as a collection agent with Iffco Tokio General Insurance Company for a brief period in 2011, but was terminated from service after he stole money from the monthly collections.
“Despite his dismissal, Ashok kept samples of the application form, payment receipts and policy certificates from the company, mainly those pertaining to motor and health insurance. The brothers then printed counterfeits and started approaching clients as insurance agents of Iffco Tokio,” said an investigating officer.
Over 100 people across the city fell for the fraud and several of them even bought premium polices.
The brothers collected the money and gave their customers fake receipts and certificates. The company continued to run until June this year, the officer said.
The fraud only surfaced because one of the clients, whose policy had matured, contacted Iffco Tokio’s head office on North Usman Road, T. Nagar. Representatives from the company then lodged a complaint at the police commissioner’s officer and a probe was ordered by additional commissioner (CCB) R.S. Nallasivam.
The brothers were arrested on Wednesday and remanded to custody.