Cyber Crime Police have arrested three alleged members of a fraud syndicate accused of diverting an insurance maturity cheque worth over ₹60 lakh into a fake beneficiary’s bank account.
Investigators suspect the case is linked to a larger organised financial fraud network involving forged identities, manipulated banking records and coordinated cheque diversion.
Cheque Issued After Policy Closure
According to investigators, the victim had purchased a life insurance policy in 2019.
After she was unable to continue paying the premium, she requested the insurance company to close the policy and refund the accumulated amount.
The insurer reportedly issued a maturity cheque worth approximately ₹60.37 lakh and sent it through a courier service.
Cheque Allegedly Intercepted Before Delivery
Police allege that the cheque was intercepted before it reached the legitimate recipient.
It was then allegedly deposited into a bank account opened in the name of a fake beneficiary with a similar identity.
Investigators claim the amount was later withdrawn and distributed among members of the syndicate.
Three Accused Arrested
The arrested accused have been identified as:
- Anil Kumar Chauhan
- Sachin
- Jitendra alias Jitesh
Police recovered a cheque book and two ATM cards from their possession.
Investigators alleged that around ₹40 lakh was credited to one accused’s account before the proceeds were shared among the group.
Wider Network Under Probe
The probe has revealed that the cheque allegedly passed through multiple individuals before reaching the final beneficiaries.
Authorities are examining whether forged identity documents and manipulated banking records were used to encash the cheque.
Several other individuals are also under scrutiny for their suspected roles in the conspiracy.
Financial Trail Being Examined
Investigators are reviewing:
- Bank account records
- Cheque deposit details
- Courier movement records
- KYC documents
- ATM withdrawals
- Mobile phone data
- Digital communication trails
Police are also probing whether similar insurance cheque diversion frauds were committed in other states using the same method.
Expert View
Cybercrime expert and former IPS officer Prof. Triveni Singh said organised financial fraud networks are increasingly combining identity theft, banking manipulation and digital coordination to target high-value financial instruments.
He said such probes should focus not only on fund recovery but also on analysing accounts, mobile devices, communication records and digital evidence to dismantle the entire criminal ecosystem.
Shunyatax Global Insight
Insurance cheque diversion scams show how fraudsters exploit gaps in identity verification, courier tracking and banking controls. Stronger KYC checks, cheque verification alerts and secure delivery mechanisms are essential to protect policyholders from high-value financial fraud.
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