A long-running insurance fraud has come to light after investigators uncovered that a Bhayandar-based insurance policy agent allegedly tampered with policy records, changed addresses, and diverted Rs 17.82 lakh belonging to four unsuspecting insurance policyholders. The accused, Suryaprasad Ramsurat Mishra, 57, reportedly exploited the trust of customers who depended entirely on him for their insurance dealings and rarely visited the branch, allowing the scam to continue undetected for years.

According to a complaint filed by Sunita Udesh Mudras, 48, senior branch manager at the insurance company, Mishra had issued several money-back policies before 2010 and gradually manipulated the records of long-time clients. Police said he changed addresses, converted monthly premiums to yearly, replaced original bank details, and ensured that payouts and loans were redirected to accounts he controlled.

Investigators found that Mishra had even opened joint bank accounts using his clients’ documents and later pledged their policies to secure loans. In some cases, he allegedly created duplicate policies without the policyholders’ consent. The fraud came to light when four policyholders approached the company for their maturity payouts — only to discover that loans had already been taken against their policies using forged signatures. The company later refunded the victims and instructed Mudras to approach the police.

The MRA Marg police have booked Mishra under Sections 406, 409, 417, 419, 420, 465, 467, 468, 469, and 471 of the Bharatiya Nyaya Sanhita. According to Police Inspector Hemant Bendale, Mishra had been named in a similar fraud case at Wadala TT police station in 2022 and has been absconding since.

How he chose victims

Investigators said Mishra targeted policyholders who bought their plans between 2003 and 2007, before Aadhaar, PAN, and mobile number linking became mandatory. These customers rarely updated their KYC details, making it easy for Mishra to alter addresses, modify premium modes, and divert maturity amounts without detection. Police are now examining his bank accounts, forged documents, and all policy files he handled to determine if more customers were duped.

What policyholders should do

Inspector Bendale advised long-term policyholders to periodically verify policy details at the insurance office rather than relying solely on agents. Always check premium receipts, ensure mobile numbers and emails are updated, and verify that bank details match your insurance company’s records.

Expert view

Advocate Sunil Pandey, a financial fraud expert, said, “Fraudsters exploit two major gaps — lack of awareness and weak verification systems. Countries like Israel have low cyber fraud because of robust security frameworks and early education in digital safety. India must adopt stronger checks, like thumb or facial verification, for policy access. Most of these scams can be prevented if citizens are alert and verify documents regularly.”

Fraudster’s ops

1 Mishra issued original policies between 2003-2007
2 He allegedly altered policy records, changed addresses, and converted premium mode from monthly to yearly
3 He opened fake bank accounts and replaced the customers’ original account numbers
4 He pledged policies and took loans for personal gain
5 The fraud surfaced when victims approached LIC for maturity payouts and found loans taken in their names

2003-2007
Years Mishra issued original policies between

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