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    Message For Employees

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    Utsav J Bhatt
    This document provides a summary of a major fraud case at United India Insurance Company's Mumbai office. An employee, Khushal Singh, and his wife were found to have committed a large scale fraud and theft of over 100 crore rupees over several months. Both were arrested and an investigation is ongoing to recover lost funds. The company reassures that customer data and systems remain secure.

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    Message For Employees

    Uploaded by

    Utsav J Bhatt
    14 views1 page
    This document provides a summary of a major fraud case at United India Insurance Company's Mumbai office. An employee, Khushal Singh, and his wife were found to have committed a large scale fraud and theft of over 100 crore rupees over several months. Both were arrested and an investigation is ongoing to recover lost funds. The company reassures that customer data and systems remain secure.

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    Message for Employees

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    This document provides a summary of a major fraud case at United India Insurance Company's Mumbai office. An employee, Khushal Singh, and his wife were found to have committed a large scale fraud and theft of over 100 crore rupees over several months. Both were arrested and an investigation is ongoing to recover lost funds. The company reassures that customer data and systems remain secure.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    14 views1 page

    Message For Employees

    Uploaded by

    Utsav J Bhatt
    This document provides a summary of a major fraud case at United India Insurance Company's Mumbai office. An employee, Khushal Singh, and his wife were found to have committed a large scale fraud and theft of over 100 crore rupees over several months. Both were arrested and an investigation is ongoing to recover lost funds. The company reassures that customer data and systems remain secure.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    यूनाइटे ड इं डडया इन्शुरन्स कंपनी डिडिटे ड United India Insurance Company Limited

    Message for United Indians


    Confidential

    You would have come to hear reports of a major fraud that occurred at our Mumbai LCBO. The
    following is a brief factual account intended to give you the correct information and perspective.

    On the 22nd May 2021, our CFAC Department at Head Office identified what appeared to be a
    case of fraudulent bank transactions entered into by an employee posted at our Mumbai LCBO
    soon identified as Mr Khushal Singh, Assistant Manager and Accounts in-charge of the office.

    The Company immediately undertook swift action by way of a series of measures to (a)
    ascertain what happened; (b) to prevent further losses and protect evidence; and (c) identify any
    other perpetrator(s). Our Vigilance department was immediately alerted and two special teams
    were immediately set up at Head Office and Mumbai to investigate.

    The delinquent officer and his spouse (also employed with the Company at our MRO-1 and
    found to have been an accomplice) were placed under suspension, their access to Company’s
    software systems and email were blocked, their computers were sealed and important evidence
    was seized from their work desks.

    Investigation by the two teams revealed a large scale fraud, criminal breach of trust and
    diversion of Company's funds exceeding Rs.100 Crore committed by Mr. Singh and his spouse
    over a period of several months starting from August 2020.

    The matter was reported to the Economic Offences Wing of Maharashtra police who registered
    a case and started investigating. The matter has also been duly reported to the Govt of India
    and all statutory authorities. Multi-pronged efforts are being made to ensure recovery of the
    money lost. Mr. Singh and his wife Mrs Neelam Singh have been arrested from Pune on
    28.6.2021.

    We wish to reassure fellow United Indians that there is no breach of our database or data
    security. The two delinquent officers have only effected unauthorized transactions from select
    bank accounts of the Company to steal money for themselves.

    Our systems and controls are verified to be robust. The functioning of all offices and verticals
    including the particular LCBO continue smoothly. Service delivery to all customers and
    intermediaries are unaffected. Service standards are unimpaired.

    But as a matter of abundant precaution, we are reinforcing safeguards to make our processes
    more foolproof. We urge all our colleagues to responsibly and sincerely follow the standard
    operating procedures and to ensure compliance with the safeguards, so that our Company does
    not get adversely affected in any manner and we will be able to keep the United India flag flying
    high.

    Chief Financial Officer

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