Hyderabad: The Cyberabad police arrested a 35-year-old man from Ghaziabad, Uttar Pradesh, for his alleged involvement in a large-scale insurance fraud racket. The accused reportedly duped a local of Rs 6.5 lakh.
The victim, a 37-year-old resident, was approached by Prashant Tripathi, claiming to be the Chief Head Officer (CHO) of MAX Life Insurance, Axis Bank.
Tripathi told the victim his insurance policy had expired and he needed to pay Rs 2.5 lakh. Believing him, the victim immediately transferred the amount using PhonePe.
Later, Tripathi demanded an additional Rs 4 lakh for medical insurance, NPCI charges and taxes, making the victim transfer a total sum of Rs 6,45,225 via PhonePe in multiple transactions.
Tripathi promised to transfer Rs. 15,74,775 to the victim’s bank account through RTGS by September 20, but no such transfer took place, for which he suspected foul play.
Police also seized three mobile phones, four cheque books, one laptop, two shell company stamps and cards.
A case has been registered and further investigations are on.
This post was last modified on November 1, 2025 7:52 pm