MBA dropout held for cheating people across India

New Delhi, March 26 (IANS) An MBA dropout has been arrested for cheating many people across India, including in Delhi and Hyderabad, on the pretext of providing them bonus against their existing insurance policies, police said on Saturday.

Gyaneshwar Sharma was arrested from his house in Khajuri Khas area of east Delhi when he was on a visit there on Friday.

“Gyaneshwar is wanted in 10 cases of cheating in Delhi and Hyderabad and is accused of duping several people of lakhs of rupees across India on the pretext of providing them bonus against their existing insurance policies,” said Joint Commissioner of Police (Crime Branch) Ravindra Yadav.

Gyaneshwar started a company named Unique Ambition Pvt. Ltd. in Uttam Nagar area in 2012.

“He induced several people to invest money in two insurance companies — Exide Life Insurance and Future General Life Insurance. Later, in connivance with an associate Alok, he divested himself from Unique Ambition Pvt. Ltd and formed two more companies namely Indian Value Card and Indian Solution Cards.

“With the help of his associates, he started making calls to potential clients to whom they had already given insurance policies. They used to lure these clients saying a bonus has been declared by the RBI on their policy and that only a small amount has to be paid as fee to process that fund.

“Once the client paid the initial amount, usually Rs.25,000, they would call repeatedly and demand more money as processing fee. They would keep pestering the client for more processing fees till the client became suspicious and stopped paying money,” the officer said.

The police officer said Gyaneshwar had cheated Anand Kumar Gyanchandani, a resident of Paschim Vihar, to the tune of Rs.23 lakh by using the same modus operandi.

Gyaneshwar, the son of a retired government servant, is an MBA dropout. After completing his graduation from Lucknow in Uttar Pradesh, he worked in 3-4 companies for over three years and then opened his own company, Unique Ambition Pvt. Ltd.

“To earn quick bucks, he hit upon this idea of cheating people of their hard earned money with the help of Alok and others,” the police officer said.

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