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Fraud costs ICICI Prudential Rs 90 lakh, police probe on

Press Trust of India
Mar 31, 2013 at 10:21am IST

New Delhi: Fraudsters have managed to steal customer database from ICICI Prudential causing a "loss" of over Rs 90 lakh to the insurance major after some policy holders either surrendered or discontinued policies believing the cheats. Delhi Police's Economic Offences Wing have launched a probe into it following the registration of a case under sections of the IPC and Information Technology Act last week on a complaint filed by ICICI Prudential on March 3, a senior police official said.

The fraudsters made hundreds of calls to policy holders after managing to get hold of the customer database, inducing them to put money in certain accounts to avail bonus and providing wrong information about their policies among other acts. "It appears that due to malicious practice of some unscrupulous people, ICICI Prudential has received complaints with regard to calls made allegedly on behalf of the company giving false promises of bonus, scholarship etc to genuine policy holders by tele-calling and inducing them to buy new policies of different agencies," the official said.

The tele-callers have stolen the data and misused it, he said. According to the complaint filed by ICICI Prudential, certain people have been attempting to cheat its customers by impersonating as its representatives after stealing their details, including their policy details, from the database.

Fraud costs ICICI Prudential Rs 90 lakh, probe on

Fraudsters managed to steal customer database after some policy holders either surrendered or discontinued policies believing the cheats.

"... We received several complaints from our customers complaining about the phone calls being received from people posing employees of the company and as officials of IRDA (Insurance Regulatory and Development Authority) making various promises inducing them to do certain acts which were prejudicial for the interests of the customers. Till date, we have received a total of 712 complaints from our regular customers against such fake/spurious calls. We may point out that there is a possibility that a large number of customers might not have filed such complaints," the complaint said.

ICICI Prudential also claimed that "eight insurance policies have been discontinued and 48 policies have been surrendered by our customers, resulting into a loss of Rs 90,93,188 to the company" due to these illegal actions though it was able to satisfy most of its customers and averted losses that could have incurred.

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