The Telegraph
Tuesday , November 23 , 2010
Since 1st March, 1999
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Sacked official held for scam

A former senior official of a private insurance company was arrested late on Sunday for allegedly providing information on customers to a gang involved in fraudulently withdrawing money after the maturity of insurance policies.

Samir Kumar Singh, 26, originally from Bihar, was picked up from his house in Garia. He worked in the Rashbehari Avenue branch of ICICI Prudential.

“He was the one who had supplied crucial information on customers to racketeers and helped them withdraw money that belonged to others,” said an officer of Gariahat police station.

A company spokesperson said the management had lodged an FIR against Singh and was cooperating with the police.

The cops said Singh, whose services were terminated after his “involvement in the scam” came to light, had been remanded in police custody till December 2.

On November 17, a team from Gariahat police station had arrested the alleged kingpin of the racket — Sumit Jalan — who cops said had alone defrauded the insurance company of Rs 72 lakh.

According to the police, Jalan and his aides collected information on insurance investments of high networth individuals, who normally invest in short-term policies.

When such a policy matured, Jalan or any other member of his group would approach the company identifying himself as the nominee of or heir to the policy-holder.

“Since Singh held a senior position, he had access to key details of the clients. He used to leak the data to the racketeers so they would know the exact time of the maturity of policies. He also helped them when they turned up as legal claimants to the money. Singh did not conduct any verification whenever Jalan produced forged papers to establish his claim to the money,” the officer added.

Cops suspect Singh had access to the details of all policy-holders of the insurance company that has around 900 branches across the country. “Singh might have also leaked details of the clients who had accounts in other branches of the company,” said the officer.

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