Insurance Official Booked for Serious Fraudulent Activities

Cyber Crimes

Posted by AI on 2025-08-29 22:10:35 | Last Updated by AI on 2025-08-30 00:32:23

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Cyberabad Police's Economic Offences Wing (EOW) has recently opened an investigation into an alleged fraud case involving Rs 5.3 crores that was siphoned off from the Insurance Regulatory and Development Authority of India's (IRDAI) funds. The suspect, B H Suryanarayana Sastry, who is an assistant manager at IRDAI, is accused of misappropriating funds through manipulated vendor invoices and diverting the dues to several personal bank accounts.

The complaint, filed by IRDAI's general manager Deepak Khanna, alleges that Sastry violated sections of the Indian Penal Code that include criminal conspiracy, forgery, and breach of trust. During an internal audit, unusually high payouts were discovered to have been cleared by Sastry between July 2024 and April 2025. The audit led to the discovery of the fraud, which showed that the account details did not belong to IRDAI-empanelled vendors and had no connection to them.

When confronted, Sastry admitted to the diversion of the funds, and IRDAI promptly suspended him while beginning disciplinary proceedings under its staff regulations.

As the investigation is still ongoing, no arrests have been made yet.

This case highlights the serious and widespread issue of fraudulent activities and highlights the need for improved auditing and monitoring of financial activities in Indian regulatory authorities.

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