Fake insurance firm owner held for Rs 1.45 crore fraud

CHANDIGARH: A 29-year-old Delhi-based owner of an insurance company, Ashok Kumar, has been arrested for allegedly cheating a local senior resident of Rs 1.45 crore on pretext of investing his money in insurance policies and the stock market. Kumar, alias Jimmy, was produced in a court here and remanded in two-day police custody on Saturday.

Kumar is the third accused arrested in the case. Je he allegedly gotten Rs 13 lakh transferred from the account of victim Satwant Singh, 80, of Sector 2, to his bank account. Sources in Chandigarh Police's cyber cell said theyw ere yet to recover the money from the accused. They said he was not cooperating with in investigations.

Police had earlier arrested the two other accused in the case -

Arshad

Iqbal of Okhla, Delhi, and Pardeep Kumar of Ferozabad, UP. They are in Model Burail Jail at present. FIR on the complaint of son of Satwant, Ajeet

Boparai

, was registered on September 29.

An inspector in the cyber cell, H S

Sekhon

, said, "Accused had trapped the victim on pretext of investing his money in insurance policies and stock market. They used to give him phone calls through cellphone numbers which were obtained on fake identities. Ashok was arrested on the basis of information given by Arshad and Pardeep, who were also operating their own small-time insurance companies. These accused used to transfer the money of victim from one account to another, and also invested his money in other ventures."

Boparai named four persons including Kabir Pandey, Khan,

Parveen

Sharma and R S Aggarwal in his complaint, but cops had concluded that these were fictitious names and insurance firm, on which behalf accused were calling the victim. Accused lured the victim to deposit the money through different cheques in around 14 bank accounts. Sources said trail was started when father of complainant had received a call from one of the fraudsters inquiring him about his insurance policies.