Insurance Insider Used Customer Records to Raise Fake Loans, One Held

Mumbai Police have arrested a former employee of a private insurance company and his alleged accomplice in connection with a sophisticated fraud scheme that reportedly used customers’ personal information to obtain unauthorized online loans worth ₹24 lakh.

Investigators allege that sensitive policyholder data was misused to manipulate account details, secure loan approvals, and divert funds into mule bank accounts without the knowledge of the affected customers.

Complaint From Customer Triggered Internal Investigation

The alleged fraud came to light after a policyholder from Gurugram alerted the insurance company about unexpected SMS notifications relating to a loan application that he claimed he had never requested.

Following the complaint, the company’s internal fraud detection team launched an investigation and discovered suspicious activities linked to two employees who had recently interacted with the customer.

According to investigators, the employees had visited the policyholder’s residence under the pretext of assisting with insurance-related services and reportedly gained temporary access to his mobile phone during the process. Authorities later found that a loan had been sanctioned in the customer’s name without his authorization.

Multiple Customers Allegedly Targeted

As the inquiry expanded, investigators uncovered evidence suggesting that the fraud was not limited to a single victim.

Police said at least 15 loans were allegedly processed using customer identities and personal information. The accused are suspected of obtaining one-time passwords (OTPs) from policyholders, generating security credentials, and modifying registered mobile numbers, email addresses, and bank account details within the company’s system.

Officials believe these alterations enabled the accused to take control of customer profiles and redirect loan disbursements to accounts under their control.

Investigators further allege that after modifying account information, the accused successfully convinced internal systems that the new details were legitimate, allowing loan amounts to be transferred without raising immediate red flags.

Funds Routed Through Mule Accounts

According to police, the fraud proceeds were funneled through a network of mule accounts designed to conceal the destination of the funds.

Authorities suspect that the operation relied on carefully coordinated financial channels to move and withdraw the money after loan approvals were obtained. The alleged scheme caused financial losses estimated at approximately ₹24 lakh.

Investigators are now examining transaction records to determine whether additional accounts or individuals were involved in the movement of funds.

Arrests Made, One Accused Still Missing

Following a formal complaint, the West Cyber Police Station in Mumbai registered a criminal case and launched a detailed investigation.

Police arrested former employee Imran Khan along with Pulkit Sharma, who is alleged to have arranged bank accounts used for receiving the fraud proceeds. Both were brought to Mumbai after being detained outside the city.

During the operation, officers reportedly seized three mobile phones, six cheque books, and two bank passbooks that are believed to be connected to the case.

Meanwhile, another accused, identified as Anjali Rani, remains absconding. Law enforcement agencies have launched efforts to trace her whereabouts and determine her exact role in the alleged fraud.

Investigation Expands Into Wider Network

Cybercrime investigators are continuing to analyze digital evidence, financial transactions, and customer records to establish the full scale of the operation.

Officials have not ruled out the possibility that additional individuals may have participated in the scheme or facilitated the creation of mule accounts used to transfer the funds.

The case highlights growing concerns over insider threats in financial and insurance institutions, where access to customer information can be exploited to commit sophisticated digital fraud.

Authorities have urged consumers to remain cautious when sharing personal information and to immediately report any suspicious financial activity linked to their accounts.