Three held for insurance racket, hunt on for kingpin

The accused, M Karthick (30) of Pallikaranai, S Sathyanarayanan (30), of Saidapet and S Kanimozhi (28) of Tiruvottiyur, were booked under Sections 409 and 420 of the IPC and remanded in judicial custody on Wednesday. The main accused has been identified as Arumugam of Ambattur.

Speaking of their modus operandi, police said that Arumugam, who had been running a firm called Anvickt marketing private limited in Nungambakkam, approached victims over phonewooing them to buy insurance policies against which they can get loans.

People, who fell for it, got a fake insurance policy from a firm named GHRL and customer card worth Rs 20,000. “Arumugam asked his customers to pay Rs 1.5 lakh to get loans of up to Rs 20 lakh. However, he did not fulfil his promise,” said police.

Saravanakumar (32) of Krishnagiri district, who works in the Indian Army, was also cheated by the gang. He visited the firm recently to inquire about the loan and as he did not get proper response, he lodged a complaint with the Nungambakkam police. As police had already received a couple of complaints against the firm, the police on Wednesday arrested three of the employees and are searching for Arumugam.