ICICI Bank has lodged a First Information Report (FIR) against two former employees of ICICI Lombard for allegedly selling fake insurance policies while operating from within the bank’s premises. The accused, Gaurav Shah and Komal Kadam, reportedly created fake identity cards of ICICI Lombard and misrepresented themselves as part of the ICICI Group.
Accused Operated from Andheri Branch
The scam unfolded at the ICICI Bank branch on Mahakali Caves Road in Andheri East. Shah, who resigned from ICICI Lombard in 2022, and Kadam posed as officials of the insurance company and convinced the branch manager, Mohammed Javed Khan, of their legitimacy. Based on their fake credentials, they were granted access to the bank premises to serve customers.
Fake Recruitment and Training
The accused hired two individuals, Mayank Barnwal and Sayali Jadhav, as sales executives with a monthly salary of ₹18,000. Fake offer letters were issued, and training sessions were conducted at various locations, including Growel’s 101 Mall in Kandivli East, Nakshatra Green Complex in Naigaon East, and Jadhav’s residence in Palghar.
To further legitimize their operation, Shah and Kadam created a WhatsApp group for job updates, sales targets, and product details. They even included a contact falsely attributed to ICICI Bank’s Managing Director, Sandeep Bakhshi.
Discovery of Fraud
The scam came to light in December 2024 when Barnwal approached branch manager Khan, complaining about irregular salary payments and Shah’s demand for a refund of two months’ salary. This raised suspicions, prompting Khan to investigate Shah’s credentials. It was then discovered that Shah had resigned from ICICI Lombard two years ago and was no longer associated with the company.
CCTV footage from May 2024 confirmed the presence of Shah and Kadam at the Andheri branch, where they interacted with Barnwal and Jadhav and used a laptop displaying the bank’s logo.
Perks and Manipulation
In November 2024, after Barnwal and Jadhav “cleared a final examination,” the accused took them on a trip to Shimla and Manali, claiming it was an incentive organized by ICICI Bank. Payments to the recruits were made via PhonePe and Google Pay.
Police Investigation
Senior Police Inspector Rajiv Chavan of MIDC police station stated, “We have registered an FIR against two individuals who used fake ID cards to pose as employees of ICICI Lombard. We are investigating their motives and verifying if they sold any fake insurance policies to customers. CCTV footage from the bank branches is being reviewed to trace their activities.”
Bank’s Response
Branch manager Mohammed Javed Khan expressed concern over the misuse of the bank’s trust and resources. “We have verified the fraudulent activities and are fully cooperating with the police to ensure the impostors face legal action. CCTV footage has been handed over to aid the investigation,” Khan said.
