Hyderabad Cybercrime Police has arrested Sharad Garg (35), resident of Ghaziabad, Uttar Pradesh, in connection with a major insurance fraud. Sharad Garg is reportedly involved in six fraud cases across India, including one in Telangana. He is known to operate as an account holder and supplier for fraudulent transactions.

The case arose when a 37-year-old Hyderabad resident reported that he was contacted by a person claiming to be a senior officer of MAX Life Insurance. The victim was persuaded to pay Rs 2,50,000 for policy renewal and later transferred additional amounts totaling Rs 6,45,225 under various pretexts. Despite promises of a larger payout via RTGS, the amount was never received.

Investigation revealed that Sharad Garg, struggling to maintain a lavish lifestyle, collaborated with co-accused Munna and Sunil Kumar to create mule accounts for fraud. He operated multiple bank accounts, facilitating transfers of ill-gotten funds, and shared proceeds after retaining a 15% commission. Police seized 3 mobile phones, 4 cheque books, 2 cards, 1 laptop, and 2 shell company stamps.