Fraud by husband-wife in United India Insurance Company: Amount reaches whopping Rs 170 crores- Check details

Earlier this month, a couple working in the United India Insurance Company which is a government general insurance company were arrested for a cheating case. Now there has been an update on the matter. The fraud amount by the couple has now reached Rs 170 Crores.

During the investigation conducted by the economic offences wing (EOW) it has been found that in 70 accounts, Rs 170 crores have been transferred.  The reason behind noticing the scam so late is that the husband was working in the accounts department and the wife in the IT department, and she used to change the entry in the records.

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While the husband (Kushal Singh) was at the post of Assistant Manager and was the signatory authority too.

The matter came to light due to the transfer of Rs 8 crores in Kushal's personal account. In the investigation, it was revealed that the realty firm was registered in the name of the couple at the beginning of the year. The couple were trying to escape abroad but failed due to the Covid-19 lockdown.

As the NITI Aayog has recommended privatisation of United India Insurance Company and now such a large level of fraud has been reported, it has raised a big question on the company's system. The company will get a complete audit done from 2016 to date.