Cyberabad EOW arrests IRDAI employee for forgery, cheating and misappropriation of funds worth Rs 5.30 crore

Hyderabad (Telangana) [India], September 1 (ANI): The EOW Police of Cyberabad arrested an IRDAI employee in forgery, cheating and misappropriation of funds to the tune of Rs 5.30 Crores. The accused created and forged invoices, office notes, and quotations, diverting IRDAI funds to his Personal Bank Account and those of his family members for personal gain, thereby defrauding IRDAI, a release said.
An FIR is filled with number53/2025 was filled under appropriate section including 318(4), 316(5), 338, 336(3), 340(2), 344 r/w 61(2) BNS 2023 of EOW PS, Cyberabad.
According to the release, the police arrested Bhaskarabhatla Suryanarayana Sastry, Assistant Manager in the General Administration department of the Insurance Regulatory and Development Authority of India (IRDAI), residing at Shaikpet, Hyderabad.
The accused Bhaskarabhatla Suryanarayana Sastry, Assistant Manager, took hand loans from multiple persons, thereby falling into a huge debt trap. To repay his previous debts, he hatched a premeditated plan to divert the funds from the Insurance Regulatory and Development Authority of India (IRDAI). In this regard, he created fake/forged invoices, office Notes, quotations, and other documents, and processed the payment files for approval with higher officials. He also collected the bank account details of his family members and inserted them in place of the original vendors' bank accounts with IRDAI. Once the higher officials approved the note files, he forwarded them to the Accounts Department along with the invoices and quotations for payment.
Since higher officials approved the note files, the Accounts Department processed them, believing they were intended for legitimate vendors of IRDAI. Thus, the accused has diverted and misappropriated IRDAI funds, causing a huge wrongful loss to IRDAI of Rs 5.30 crores.
Following this case, the Cyberabad Police has urged Government offices and companies to exercise caution while transferring funds and verify the legitimacy of the invoices.
This case is currently being investigated by M. Hussaini Naidu, Assistant Commissioner of Police, EOW Police Station, Cyberabad, under the supervision of A. Muthyam Reddy, Deputy Commissioner of Police, Crimes & EOW, Cyberabad. (ANI)