Noida Police Bust Bogus Loan and Insurance Policy Renewal Racket, Arrest 11 Suspects

The Noida Police have made a major breakthrough by arresting 11 individuals involved in a bogus loan and insurance policy renewal racket in the city. The suspects were apprehended in a joint operation by the crime response team (CRT) and a team from Sector 49 police station.

According to Shakti Avasthy, deputy commissioner of police (crime), the arrested individuals were running the operation from an office located in Sharma Market, Hoshiarpur, Sector 51. The gang had been active in Noida for the last four months, but their fraudulent activities had been ongoing for the past 1.5 years in other parts of the country.

The masterminds behind the operation were identified as Ashish Kumar and Jitendra Kumar Verma, who recruited women to make calls to people and sell them fake loans and insurance policies. The women worked on a commission basis, earning more for selling more policies. The money obtained from the victims was transferred to a bank account in Karnataka, rented by Ashish, and later divided among the group.

During the investigation, it was revealed that the suspects had purchased personal data of over 10,000 individuals for ₹2,500 from the dark web. This data was used to target people residing in far-off districts, away from the national capital region (NCR), by offering them lucrative policies with high returns in a short period of time.

The suspects had amassed over ₹1 crore through their fraudulent activities, as per the interrogation conducted by the police. Further investigation is underway to gather more information about their operations and activities.

The police recovered incriminating evidence from the suspects, including 25 mobile phones, 81 data sheets, a register, and two fake Aadhaar cards. The suspects have been implicated in a similar scam in Ranchi, Jharkhand earlier this year, before moving their operations to Noida.

The Noida Police have urged the public to be cautious and verify the authenticity of any financial offers they receive to avoid falling victim to such fraudulent schemes. The crackdown on this bogus operation is a significant step towards ensuring the safety and security of the residents of Noida.