Mumbai: Senior insurance manager booked for cheating subordinates

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A senior manager of an insurance branch attached to a multinational bank has been booked for allegedly obtaining loans in the names of newly joined subordinates. The accused manager has been identified as Suraj Khedkar.

The incident occurred when recovery agents from various banks and private finance companies began demanding repayment from these employees. When employees questioned Khedkar, he allegedly accepted to have taken the loan in their names, citing personal problems. He assured them he would reimburse them with the EMIs. However, after paying a few EMIs, he left the job and absconded without paying the remaining loan amount.

According to an officer from the Borivali police station, four employees, including a unit manager, had joined the insurance branch located at Chandravarkar Lane Borivali West as trainee employees and were working for the first time after graduating from college in 2022.

Khedkar, their immediate boss, took the documents (including Aadhaar cards, PAN cards, and mobile phones) of about four to five employees and secured loans from different private finance companies and banks in 2022 in their names. He told them that some clients of the bank were going to send money to their bank account numbers. He would transfer that money to his account and return their money through cheques to the clients again.

Khedkar had taken a loan of about Rs 10.05 lakh using the documents of four employees. When the loan amount was credited to the employees' accounts, Khedkar got the money transferred to his account through the mobile net banking of the employees. The employees realised loans were being taken in their names when the recovery agents started calling the employees for repayment, said an officer from the Borivali police station.

The four employees confronted Khedkar about being hounded by the recovery agents. He accepted to have taken loans in their names and assured them that the EMI amounts would be transferred to their accounts every month. However, after paying some EMIs, Khedkar quit the job and fled. Due to non-payment of the EMIs, the recovery agents started harassing the employees, while Khedkar had stopped taking their calls.

The employees were forced to approach the police and filed a case against Khedkar, the officer added. "Based on the information given by the unit branch manager, who is one of the victims, the Borivali police have lodged an FIR against Khedkar and booked him under sections 406 and 420 of the IPC. We have summoned Khedkar for the investigation, but he has not appeared yet and is absconding. We are searching for him," said an officer from the Borivali police station.

Rs 10.05 lakh

The sum obtained as loan by senior manager in the names of his subordinates

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‘Based on the information given by the unit branch manager, who is one of the victims, the Borivali police have lodged an FIR against Khedkar and booked him under sections 406 and 420 of the IPC'

An officer, Borivali police station