The Cybercrime Police of Hyderabad arrested a 35-year-old man from Ghaziabad, Uttar Pradesh, for his role in an insurance fraud in which a Hyderabad resident lost ₹6,45,225.
The accused, identified as Sharad Garg, supplied multiple mule bank accounts used in the nationwide fraud network, said an officer from the cyber crimes wing.
“Sharad Garg, an account holder and account supplier, is involved in at least six cases across India, including one registered in Telangana. The accused, earlier a dealer in pan masala and mouth fresheners, turned to fraud to fund his extravagant lifestyle,” said the officer.
According to investigators, a 37-year-old man from Hyderabad filed a complaint stating that he received a call from a person identifying himself as Prashant Tripathi, who claimed to be chief head officer of Max Life Insurance, Axis Bank. The caller allegedly persuaded the victim to renew his insurance policy for the 2025–2026 term, leading the victim to transfer ₹2.50 lakh via UPI under the impression that it was an official transaction.
“Over time, the fraudster extracted additional sums under false pretences, including ₹1.50 lakh towards a 30% medical co-pay, ₹1,45,225 as a 12% 10(10D) tax, and ₹1,00,000 towards NPCI charges. Despite repeated assurances that ₹15,74,775 would be credited to his account, no such transfer occurred,” explained the officer.
