Raipur. The accused in a major financial scam involving insurance has been arrested in the capital. Based on a report from Jatin Chaudhary, a software engineer living in New Shanti Nagar, the Civil Lines police station arrested LIC agents Balveer Singh Sains and Devendra Sen, 26, son of Prahlad Sen, both residents of Lodhi, behind Crystal Arcade, adjacent to Chhapra Bhatti Rinku Grocery Store, Mowa Pandri police station, Raipur. In his application, Jatin Chaudhary stated that he had been purchasing insurance policies from Saranjit Kaur since 2013.
Trusting the mother-son agent, he took out 13 insurance policies in his own name and in the name of his family. He regularly deposited the annual installments, either in cash or online, into Balveer Singh's account. He also took out a policy loan in 2022, depositing ₹281,000 into Balveer Singh's account. Full details of the payment were provided as NEFT transactions made from the bank. A game of forged documents: The deposit receipts issued by Balveer for 2022 and 2023 were actually completely fake.
When he checked the receipts at the LIC branch in Pandri for his income tax return in 2024, the office stated that no deposits had been made in any of the policies for any of the years. LIC officials declared all the receipts as forged and advised him to file a complaint immediately. According to the complainant, the mother-son duo, an agent, conspired to create false documents and defrauded him of money in the form of policy premiums, loan amounts, and other items.
Other investors were also targeted. Balveer Singh and Saranjit Kaur were not only committing insurance fraud, but also defrauding people by promising double returns on their investments. A similar pattern of fraud was adopted against three other individuals. A total of Rs 45,53,780 was defrauded from all the victims.