Non-life insurer Bajaj Allianz has lodged an FIR with in Lucknow, alleging that an agent operating as POS has issued policies to owners of 21 commercial four and three-wheelers in the state have got their vehicles insured as two-wheelers in the last one month and paid less premiums. The company claimed it suffered huge loss amounting to lakhs due to the fraud
The firm suspects it to be handiwork of an all-India level gang that uses an online portal for getting vehicles insured.
In September 2021, the company came to know that Pandey had issued a two-wheeler liability policy to a commercial four-wheeler owner. This caused a loss to the company of premium meant for a four-wheeler, GST loss to state and Central governments and also to the customer as well.
Bajaj Allianz spokes person said that the fraud is pan-India, in which 1.36 lakh four/three wheelers have been registered as two wheelers causing a loss of around Rs 110 crore to the company and Rs 20 crore to the government as GST.
He further said as per records, 26,000 commercial four wheelers have been registered as two wheelers in Uttar Pradesh within a year (October 2021-October 2022), causing loss of around Rs 20 crore.