IRDAI Assistant Manager Held in Rs.5.30 Cr Fraud Case: Police
The arrested person misappropriated IRDAI funds and caused huge wrongful loss to IRDAI to the tune of Rs 5.30 crore
Hyderabad: The Cyberabad police on Monday nabbed Insurance Regulatory and Development Authority of India (IRDAI) Assistant Manager in connection with an alleged forgery, cheating and misappropriation of funds to a tune of Rs 5.30 crore.
Cyberabad Crimes and Economic Offences Wing Deputy Commissioner of Police, A. Muthyam Reddy, said the arrested person, Bhaskarabhatla Suryanarayana Sastry, who was as Assistant Manager in IRDAI and resident of Shaikpet, created and forged invoices, office notes, quotations and diverted IRDAI funds to his personal bank account and his family members’ accounts for his personal gain and defrauded IRDAI.
Reddy said Sastry took hand loans from multiple persons thereby falling into a huge debt trap. To repay his previous debts, he hatched a premeditated plan to divert funds from IRDAI. Sastry created fake invoices, office notes, quotations and other documents and processed the payment files for approval with higher officials, and collected his family members’ bank accounts.
Sastry inserted them in place of original vendors’ bank accounts of IRDAI. Once the higher officials approved note files, he forwarded the same to the accounts department along with invoices and quotations for payment. Since the note files were approved by higher officials, the Accounts Department processed them, believing that they were being made to legitimate vendors of IRDAI, Reddy explained.
He said Sastry diverted, misappropriated IRDAI funds and caused huge wrongful loss to it to the tune of Rs 5.30 crore.
