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Home > Mumbai > Mumbai News > Article > Man dupes several Mumbai insurance agents of Rs 50 crore

Man dupes several Mumbai insurance agents of Rs 50 crore

Updated on: 16 September,2017 06:00 AM IST  |  Mumbai
Santosh Wagh |

A Sindhudurg resident has left over a dozen life insurance agents red-faced after the cheques he gave them to open new insurance policies weren't approved by the bank due to insufficient funds

Man dupes several Mumbai insurance agents of Rs 50 crore

Ajit DesaiAjit Desai


A Sindhudurg resident has left over a dozen life insurance agents red-faced after the cheques that he gave them to open new insurance policies weren't approved by the bank due to insufficient funds.


Ajit Desai, a resident of Virwadi-Shirshinge in Sawantwadi, stirred a lot of interest among life insurance companies during the last few weeks, after he personally contacted agents to open new pension schemes. Desai reached out to Life Insurance Company (LIC) agents in Kudal, Devbaug, Sawantwadi, Ratnagiri, and Mumbai and Navi Mumbai, as well.


He allegedly told these agents that he had a lot of money on him, and wanted to invest his money in pension schemes.

Accordingly, he asked the agents to open policies worth R50 crore, R10 crore, R5 crore and R50lakh.

The agents went ahead, only to realise that all the cheques were dishonoured by the bank.

Umesh Mulik, an LIC agent and insurance consultant from Navi Mumbai, was among the agents given cheques of R25 crore each for two policies.

According to police sources, Mulik couldn't believe his ears when he first mentioned the amount. When he asked Desai, where he got all that money from, he said he had recently sold his huge ancestral mango plantation.

One of the cheques Desai had given to an agent

Almost convinced by Desai's claims, Mulik told him that he'd have to see his property in his village, before sealing the deal. Desai agreed. However, while Mulik was on the way to Desai's home along with his superior Shyam Chalke, in Kankavli, he got phone calls from other agents, claiming that the cheques Desai had given to them had bounced in the bank due to lack of funds.

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When mid-day contacted Chalke, he corroborated the story. Fearing trouble, Desai and Chalke immediately decided to approach the Kankavli police station. "We recorded Desai's statement and referred him to Navi Mumbai police for further action," said Assistant Inspector Amol Salunkhe, Kankavli police station.

Like Mulik, several other agents approached the police with similar complaints. However, since no one lost their money in the con, the police have asked them to file a private court case of cheque bouncing against Desai.

An LIC agent from Borivli, requesting anonymity, said, "Desai had given me a cheque of R10 crore to open the policy. He also offered me a hefty commission, urging to help him convert his black money into white by routing it into LIC schemes. However, I realised that he is conman when his cheques bounced at the bank."

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