Unearthing a Life Insurance Corporation policy racket, police has arrested four persons, including an officer who had cheated customers of Rs 1.40 crore worth policies by creating fake documents and claiming the sum assured declaring them as dead.
Trilok Kantilal Parikh, his wife and daughter and Kushal Kumar Kataria, an LIC officer, were recently arrested for their alleged involvement in seven cases, City Police Commissioner Jyothiprakash Mirji told reporters in Bangalore today.
With Kataria's assistance, Trilok Parik took two policies in his daughter's name, making his wife a nominee.
Subsequently, producing a fake death certificate he claimed the policy amount of Rs 6.04 lakh. Using the same modus operandi, he claimed Rs 26 lakh and Rs 16.5 lakh and Rs 6.58 lakh, among others, sources said.
Police claimed they have prevented the false claims of 14 LIC policies worth Rs 2.50 crore with their arrest.
Trilok Parikh, allegedly involved in rowdy activities across the state since 1987, was also involved in a TADA case at Delhi in 1994. In 1995, the then city police commissioner ordered his externment, sources said.