Hyderabad: The sleuths of the Economic Offences Wing (EOW) of Cyberabad arrested an Insurance Regulatory and Development Authority of India (IRDAI) employee for forgery, cheating, and misappropriation of funds to the tune of Rs 5.30 crores.

Investigation revealed that the accused created and forged invoices, office notes, quotations, and diverted the IRDAI funds to his personal bank account and his family members' bank accounts for his personal gain and defrauded the IRDAI.

The arrested accused was identified as Bhaskarabhatla Suryanarayana Sastry, Assistant Manager in General Administration, Insurance Regulatory and Development Authority of India (IRDAI), resident of Shaikpet, Hyderabad.

Modus Operandi of accused

The accused Bhaskarabhatla Suryanarayana Sastry, Assistant Manager, took hand loans from multiple persons, thereby falling into a huge debt trap. To repay his previous debts, he hatched a premeditated plan to divert the funds from the Insurance Regulatory and Development Authority of India (IRDAI).

"He made fake invoices, office notes, quotations, and other documents. Then, he processed the payment files for approval from higher officials. He also collected his family members' bank account details and replaced the original vendors' accounts with them in the IRDAI records. Once the higher officials approved the note files, he then forwarded the same to the Accounts Department along with invoices and quotations for payment," said the Cyberabad police in a statement.

Since the note files were approved by higher officials, the Accounts Department processed them, believing that they were being made to legitimate vendors of IRDAI. Thus, the accused have diverted, misappropriated IRDAI funds and caused huge wrongful loss to IRDAI to a tune of Rs 5.30 Crores. 

Appeal to the Public

The Cyberabad Police urge Government offices and companies to exercise caution while transferring funds and verify the legitimacy of the invoices. This case is currently being investigated by M. Hussaini Naidu, Assistant Commissioner of Police, EOW Police Station, Cyberabad under the supervision of Sri A. Muthyam Reddy, Deputy Commissioner of Police, Crimes & EOW, Cyberabad.