Just finished watching a TV serial (real life program I believe) called ‘Crime Patrol’!
One Nationalised bank had opened a bank account – without proper papers, and not remembering the basic Anti Money Laundering lesson 101. The story is very simple, but shocking.
There is a death claim which is fraudulently encashed by a Branch Manager and accountant of a LEADING life insurance company. The amount involved was Rs. 12 lakhs. The insurance branch helps an outsider with all the details necessary to open a bank account. The cheque is then issued to the fraudulent couple and they encash the cheque.
LUCKILY for the victim one of the persons involved was the accountant of the insurance company and the branch manager himself. Luckily because the life insurance company must have bought peace by paying out quietly.
HOWEVER, if the fraud was done by an agent along with the branch manager, the company would have denied it, sacked the branch manager, terminated the agent and …..This would have meant the widow of the victim would not have been paid.
Life is really becoming difficult for the common man to deal with financial institutions. I think I am understanding why we have so few investors and so few policy holders….
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