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Aurangabad, May 11 : More than 10,000 people across Maharashtra were cheated to the tune of Rs 100-150 crore by two promoters of an insurance firm here before they were arrested, police said.
According to them, Vishnu Bhagwat and his brother Ramdas cheated customers by promising them life insurance through Navjivan Lifecare Insurance company and they were arrested last night. An Audi car was also seized from their possession.
Police said that during investigation, it was revealed that Vishnu had paid Rs 17 lakh towards income tax by officially registering an income of Rs 6 crore in the last financial year.
They said the duo used to act as agents of some prominent insurance companies and would take money from people in the name of instalments but never deposited it.
The accused even distributed a few Indica cars as incentive to some agents who brought them business more than Rs 10 lakh.
Majority of the people who fell prey to the conmen are from western Maharashtra, including cities of Sangli, Satara, Kolhapur and Ahmednagar, the police said.
They added that the scam could run into about Rs 100-150 crore.
The accused had even beaten up one Deepak Kasture after he visited the duo to form claim after his brother''s death, they said.
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