When Veerabahu expressed interest to buy a policy, Prasad was sent to his house to collect the documents and money
While buying insurance policies, think twice before handing over documents or cash as it could end up in the wrong hands. A businessman in Basavanagudi was recently cheated by a person claiming to be an agent of State Bank of India (SBI) Life.
The police arrested Hari Prasad alias DS Ajay, 23, for allegedly cheating Veerabahu, who was approached by an ‘authorised dealer’ of SBI Life.
When Veerabahu expressed interest to buy a policy, Prasad was sent to his house to collect the documents and money. He collected `2 lakh in cash and documents from the businessman. However, when Veerabahu did not receive the insurance bond even after a month, he called Prasad, who made false assurances of delivering the policy.
When Veerabahu did not get the policy, he approached the SBI Life head office on St Mark’s Road, along with a receipt given by Prasad. To his shock, the office told him that it was a fake receipt.
The company suggested that he trap Prasad by approaching him and expressing interest to buy another policy.
Prasad took the bait. He rushed to the businessman’s house to collect money on Friday. Veerabahu then handed Prasad over to the police, who took him into custody and recovered `2 lakh.
Investigation revealed that Prasad was not an authorised agent.
The police found he had two fake ID cards—one in the name of Hari Prasad and another one in the name of Ajay DS. The police seized them and contacted SBI Life in this regard. The insurance company said it had received complaints against Ajay DS from three customers. An investigating officer said he deposited only crossed cheques in the office, while he misused cash and uncrossed cheques.
The police have requested the public to be alert while dealing with agents at the time of buying insurance policies. “People should check whether the agents are authorised,” said a police officer. He added that Prasad was remanded to judicial custody on Monday after the completion of police investigations.
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