Insurance Agent Mastermind Arrested in Rs 1.5 Crore Bank Fraud Targeting Villagers
In a significant development in the Rs 1.5 crore fraud case involving the Chhajjapur branch of a nationalized bank in Tanda, police have apprehended the alleged mastermind, an insurance agent, along with his associate. The duo stands accused of systematically siphoning off compensation money belonging to nearly 50 villagers through elaborate deception.
Arrests Made Following Multiple FIRs
Superintendent of Police Abhijeet R Shankar confirmed that four First Information Reports (FIRs) were registered in connection with the case. The prime accused, identified as Umer Ahmad, was arrested from Phulwariya Tiraha, while his accomplice, Sharad Maurya, was taken into custody from his residence in Mirapur, Tanda.
The police investigation was initiated on February 4 during a public grievance hearing, known as janata darshan, when Rupwati Devi and approximately 15 other villagers lodged a formal complaint. They alleged that Ahmad, in collusion with certain bank employees, had misappropriated their compensation funds received from major entities like NTPC and the National Highways Authority of India (NHAI).
Modus Operandi: Fake Policies and Fixed Deposits
According to authorities, the fraud was executed by diverting the villagers' money under the guise of fake insurance policies and fixed deposits. The investigation, led by Tanda police Circle Officer Shubham Kumar and Inspector Deepak Raghuvanshi, revealed that Ahmad had been duping villagers since 2019 by promising to double their investments.
Evidence uncovered during the probe indicates collusion involving the then branch manager and two bank employees. Ahmad allegedly influenced the branch staff by gifting them expensive gadgets and other presents, facilitating his fraudulent activities from within the bank premises itself.
Seizures and Financial Freezes
In a move to recover proceeds from the fraud, police seized a car, a motorcycle, a scooter, an iPhone, and a Samsung mobile phone—all purchased with the illicit funds. Additionally, 13 bank accounts linked to the scam have been frozen to prevent further misuse and aid in the recovery process.
Police detailed that Ahmad operated directly from the bank, calling villagers to the branch and convincing them to invest. He reportedly started by manipulating smaller policy amounts ranging from Rs 1 to 2 lakh before escalating to larger scams.
Role of the Accomplice and False Allegations
Sharad Maurya, who works as a wedding photo and video editor, allegedly played a key role by creating forged policy bonds that closely resembled genuine documents. He was reportedly paid Rs 2,000 for each fake bond he prepared, adding a layer of authenticity to the fraud.
In an attempt to mislead investigators, Ahmad initially implicated two bank officers currently posted in Ayodhya and Basti. However, police inquiries revealed that these officers had actually exposed Ahmad's irregularities in 2024 and facilitated his removal as an agent. Authorities believe he falsely implicated them out of personal vendetta.
Impact on Victims: Lifelong Savings Lost
For the 50 rural families affected, the misappropriated funds represented lifetime savings or crucial land acquisition compensation. Suryalal, a resident of Kakrancha village, shared that he invested Rs 9 lakh in a fixed deposit for his daughters' marriages, only to later discover the bond was forged. Preparations for his daughter's wedding were already underway when the deception came to light, causing immense distress.
Similarly, Rupwati Devi alleged she was duped of Rs 10 lakh, money intended to fund her sons' NEET and SSC exam preparations in Varanasi and Prayagraj. Rakesh Verma of Ghazipur invested Rs 13 lakh from NTPC land compensation in a fixed deposit, but found that receipts for only Rs 3 lakh were genuine, with the remaining Rs 10 lakh bond being fake. His son, who was preparing for competitive exams in Kota, had to discontinue studies and return home due to the financial setback.
Ongoing Investigation and Future Actions
Police stated that further investigation is actively underway. Action against the involved bank officials is likely to follow after the completion of a departmental probe. Efforts are currently focused on tracing and recovering the defrauded amount to provide some relief to the affected villagers.
The case highlights vulnerabilities in rural banking systems and the devastating impact of financial fraud on communities relying on compensation for their livelihoods.
