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Insurance firm official booked for Rs 8.09-crore fraud

A case was registered with the Marine Drive police station early this week after officials of the company learnt about the fraud. An investigation by the specialised Economic Offence Wing (EOW) of the Mumbai Crime branch is on. 

Mumbai Police recently registered a case of conspiracy and criminal breach of trust against the assistant manager of United India Insurance Company Limited for allegedly stealing money from the company’s account.

The police said the accused had allegedly siphoned off Rs 8.09 crore. A case was registered with the Marine Drive police station early this week after officials of the company learnt about the fraud. An investigation by the specialised Economic Offence Wing (EOW) of the Mumbai Crime branch is on.

The police said the complainant, Jaideep Sinha, is a deputy general manager of the company. Sinha in his statement to the police said the fraud had been taking place since November 2020 and they were unaware of it until their Chennai office received a call from a private bank, complaining about some irregular transfer of funds from the company’s account.

“The company then conducted an internal inquiry and realised that Rs 8.09 crore has been siphoned off its current account,” said an officer.

The company officials during their inquiry also learnt that Kushel Singh, who was working in the account’s department in Churchgate, had made the illegal transactions. He had transferred the sum between November 13, 2020, and April 23, 2021, to seven accounts in Mumbai and Jaipur. The amount was transferred in 21 transactions.

Accordingly, officials from the insurance company approached the EOW of the Mumbai Crime Branch. Senior Inspector Vishwanath Kolekar of the Marine Drive police station said, “They approached the EOW that registered an FIR at our police station as their office is based in our jurisdiction.”

Officials from the EOW are investigating the matter. The investigators said they are checking the details of the account to which the money was transferred. The police officials also said they are in the process of freezing the account of the beneficiaries and recovering as much of the amount as they can.

“We are also seeking details of the beneficiaries,” said an officer.

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