Dungarpur Police have arrested three individuals involved in an organized gang allegedly siphoning money from life insurance policies using forged documents, with the fraud involving approximately Rs 58 lakh.
Police in Palghar have registered a case against a doctor and four others for allegedly creating fake documents to claim insurance commissions.
Nine individuals, including a government medical officer and four police officers, have been arrested in Jalgaon for allegedly conspiring to fraudulently claim insurance money by faking a road accident death.
A 42-year-old insurance consultant from Mumbra, Thane, was allegedly defrauded of over 71 lakh by cyber criminals through a cryptocurrency investment scheme.
Faridabad police have busted a fake call centre operating from Delhi and arrested six individuals involved in defrauding people by offering bogus bonuses on insurance policies.
A man in Rampur, India, has been arrested along with two associates for allegedly murdering his wife, a police constable, and their three-year-old son to fraudulently claim insurance money and other benefits.
'Many policyholders do not understand that non-medical expenses, cosmetic treatments, and certain other procedures are not covered by health insurance policies.'
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
A former Metropolitan Police officer of Indian origin has pleaded guilty to his involvement in a 'crash for cash' scam in the UK, involving fraudulent personal injury claims after staged vehicle collisions.
Two co-founders of the cryptocurrency exchange platform CoinDCX have been arrested by Thane police in connection with an alleged fraud of Rs 71.6 lakh. The arrests follow an FIR filed against the founders for cheating, criminal breach of trust, and fraud.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
Delhi Police have dismantled a fraudulent call centre in Pitampura, arresting 19 individuals for allegedly defrauding people nationwide by posing as representatives of a finance company offering fake loans and insurance schemes.
Thane police have arrested CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in connection with an alleged fraud of Rs 71.6 lakh. The company claims the FIR is false and a conspiracy against them.
These losses increase insurance premiums for customers and reduce insurer margins on the other.
A senior citizen in Navi Mumbai was allegedly swindled of 64 lakh over four years by cyber fraudsters posing as insurance regulators and grievance officials.
The CBI conducted searches at 17 premises in Mumbai related to Reliance ADA Group companies, including Reliance Telecom and Reliance Finance, concerning alleged diversion of bank funds and losses to banks and LIC.
Police in Kanpur have arrested a suspected mastermind behind a network of fake firms, forged documents, and suspected hawala transactions worth over Rs 3,200 crore.
Two Delhi-based traders were arrested in Hapur after attempting to cremate a mannequin instead of a human body to fraudulently claim insurance money. The scheme involved using the identity of an employee's brother to obtain a life insurance policy and then staging his death.
India has launched an open Health AI benchmarking platform to evaluate artificial intelligence models on diverse Indian datasets before deployment at a population scale. The initiative aims to strengthen AI-driven claims management under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY).
A special court in Thane, Maharashtra, has sentenced the mastermind of an investment fraud to rigorous imprisonment and ordered the auction of his properties to repay duped investors.
LIC offices will remain open during normal working hours on Tuesday for customer convenience, following an advisory from Irdai. CoinDCX commits to invest in cybersecurity infrastructure, and PayNearby introduces UPI QR-based cash withdrawals.
The CBI has registered a new case against Anil Ambani and Reliance Communications Ltd for allegedly causing a loss of Rs 3,750 crore to the Life Insurance Corporation (LIC) of India.
Often, these gangs tie up with former sector employees to understand how the process works
'By quick, fast, and just awards, the insurance ombudsman can bring the trust of the policyholders in the insurance system and insurance as a product and create a positive impact on the entire industry.'
The complainant in a Rs 71.6 lakh cheating case involving CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal has withdrawn his grievance after recovering his invested amount. The arrests were made following an FIR registered on March 16 at Mumbra police station against Gupta, Khandelwal and four others on charges of cheating, criminal breach of trust and fraud.
Punjab Governor Gulab Chand Kataria emphasised the importance of Aadhaar in promoting good governance, transparency, and ease of living, highlighting its role in ensuring welfare benefits reach the intended recipients and strengthening the rural economy through Direct Benefit Transfer.
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
Over the past three years, the appointments of 20 candidates selected through the Institute of Banking Personnel Selection were cancelled or offers were withdrawn due to poor credit history.
Murders disguised as accidents. In one horrifying case, a man insured his father, mother, and wife -- then allegedly killed them all. He claimed Rs 54 crore in insurance.
A court in Thane district granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal in an alleged Rs 71.60 lakh cheating case, citing a lack of prima facie evidence against them. The case involves allegations of impersonation and misuse of the CoinDCX brand by fraudsters.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
A court in Thane district granted bail to CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal, who were arrested in connection with an alleged cheating case involving Rs 71.60 lakh. The court cited a lack of prima facie evidence against them.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
Reduction of GST on health insurance premium from 18% to 0% looks like a straight 18% reduction in what consumers pay. The truth, however, is...
Advisors and agents known to you personally can also sell wrong policies.
About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said.
Well-known inmates of the notorious Metropolitan Detention Center, Brooklyn, New York.
Trai has ordered BFSI firms to move service and transaction calls to the 1600 series from 2026 to reduce spam, financial fraud, and rising digital arrest scams.
Bajaj Finserv - the holding company of Bajaj group's financial services business - has laid out plans for the next five years. During this period, it is eyeing 18-22 per cent compound annual growth rate (CAGR) in net profit at Rs 21,000-24,000 crore on a consolidated basis.
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