Hyderabad: The Cyber Crime Unit of Hyderabad police arrested Sharad Garg (35), a resident of Ghaziabad, for allegedly duping a Hyderabad man of ₹6.45 lakh in an interstate insurance fraud case.
Accused ran mule account racket for commission
According to police, the victim was tricked into transferring money via PhonePe by a fraudster impersonating a Max Life Insurance official. The scammer claimed to be renewing an Axis Bank-linked policy. The victim made several payments before realising the fraud and lodging a complaint.
Investigators traced the fraud to Sharad Garg, who previously worked in the pan masala trade. He allegedly conspired with two others Munna and Sunil Kumar to arrange mule bank accounts. The trio used these accounts to receive scam proceeds, offering a 15% commission to the account holders.
Funds were withdrawn and distributed among the accused through multiple accounts opened under false identities.
Multiple cases and evidence seized
Garg is linked to at least six fraud cases across India, including one registered in Telangana. Police recovered three mobile phones, four cheque books, two ATM cards, a laptop, and two fake company stamps from his possession.
Inspector P. Pramod Kumar led the operation, assisted by SI Shaik Azeez and the cybercrime team.
Public alert issued on insurance scams
Police advised citizens to verify the identity of insurance agents before making payments. They also urged victims or suspicious targets to report fraud through the National Cybercrime Portal cybercrime.gov.in or call the helpline 1930.