Youth held on charges of cheating insurance policy holders

A youth named, Ananda Shripati Tapekar was arrested by Local Crime Investigation Branch (LCB) on charges of cheating insurance policy holders of HDFC Standerd Life Insurance Company of Rs16 lakh, police said today.
    
Police said that Tapekar, 30, residing in Rashiwade village started an agency of HDFC's insurance company on the name of his late brother Raghunath who was an insurance agent. Tapekar collected Rs 16 lakh from different policy holders as insurance premium but he did not deposit the money in the insurance company. He gave fake receipts to policy holders.
    
Police said that Tapekar collected insurance premium from policy holders through Asmita Naik who was collecting money for him. Tapekar assuared Asmita Naik and other policy holders to give good returns and collected money from them, but he did not deposit the money in the company.
    
Policy holders inquired about their policy in the company. The company said that money has been not been deposited, so policy holders contacted Asmita Naik. After inquiry in company's office Asmita Naik lodged a complaint against Tapekar on June 29 in Shahupuri police station. Since then Tapekar is absconding. Yesterday LCB police arrested him.