4 bank insurance staff held for swindling Rs. 1.6 cr.

In a classic case of fence eating the crop, four employees of ICICI Bank’s insurance wing Lombard in charge of scrutinising medical insurance claims allegedly embezzled Rs. 1.6 crore by presenting fake hospital bills. Malla Reddy, Srinivas Reddy, Prabhakar and Raghu were arrested by the Raidurg police on Monday. Among the beneficiaries of the illegal and false claims were 34 employees of the Lombard and 20 outsiders, Raidurg Inspector A. Balakoti said. “Since their job was to process the applications of medical insurance, the accused were familiar as to what documents and bills should be submitted,” the Inspector. They make generated fake bills, medical test and treatment reports in the name of reputed hospital and submitted the same in the bank.

As the accused were in-charge of scrutinising the forms, they readily cleared the claims presented on behalf of 34 colleagues and 20 others. With each accused candidate claimed an average sum of Rs. 3 lakh, more than Rs. 1.6 crore was fraudulently pocketed by them.

On learning about the fraud during an internal audit, the bank manager approached the police who registered a criminal case. and caught four of the employees. The remaining employees of the bank and 20 others are still at large.

Source: thehindu