Fake insurance syndicate busted in UP, agents had no idea they were selling fake policies
I-Max agents had no idea that they were selling fake policies.
A recent crackdown by UP STF shows that an organised company was operational for several years that hired dozens of agents and issued "fake" insurance to thousands of policy holders across India.
Police said a Lucknow-based firm for several years was selling fake insurance online which were look alike of leading general insurance companies.
Police have found that Jitendra Pratap Singh was running a company, I-Max Insurance, till the time they have made over a crore by issuing fake policies.
I-Max Insurance is well organised and equipped with an advanced IT software, which makes people believe that it is providing an original motor policies and company is expanding rapidly in other parts of UP.
The fraud was exposed after a motor policy holder called up the customer care of a leading insurance firm to verify this policy. The customer support team couldn't track the policy number and after a detailed analysis, it was found to be fake.
"They were selling fake insurance policy through www.imaxauto.in. The company I-Max Insurance has no association with any of the leading firm either as an agent or as a broker. Investigators checked details of I-Max auto insurance in the broker list reflected on IRDA website but could not find any detail," said Triveni Singh, additional SP, STF.
Premiums collected against the policies were deposited in the account of its MD Jitendra Pratap Singh.
At present, I-Max insurance has a network of about 20-30 agents across UP who have no idea that the company was selling fake policies.
Jitendra, a resident of Baraich, was arrested by STF in Lucknow. Police are now trying to verify the amount he has made by selling fake insurance policy.