Cyberabad police book IRDAI official in Rs 5.3 crore forgery and cheating case

Hyderabad: The Cyberabad Economic Offences Wing (EOW) police have arrested an Insurance Regulatory and Development Authority of India (IRDAI) official on charges of forgery, cheating and misappropriation of funds to the tune of Rs 5.30 crore.

Arrest and case details

The accused, Bhaskarabhatla Suryanarayana Sastry, Assistant Manager in the General Administration Department of IRDAI, was arrested. He is a resident of Shaikpet.

How the fraud was executed

According to investigators, Sastry had fallen into a heavy debt trap after taking hand loans from multiple individuals. To repay his dues, he devised a fraudulent scheme to siphon funds from IRDAI.

He allegedly forged invoices, office notes, and quotations to prepare payment files, which were then forwarded for approval by higher officials. In place of original vendor accounts, he inserted the bank accounts of himself and his family members.

Once the approvals were cleared, the Accounts Department released payments under the assumption that they were legitimate vendor transactions. This manipulation enabled Sastry to divert Rs 5.3 crore of IRDAI funds, causing a significant financial loss to the regulatory body.

Police advisory

The Cyberabad Police have appealed to government institutions and private companies to exercise stricter checks while transferring funds, including verification of invoices and vendor credentials, to prevent similar frauds.

The case has been booked under FIR No. 53/2025 for offences under Sections 318(4), 316(5), 338, 336(3), 340(2), and 344 read with 61(2) of the Bharatiya Nyaya Sanhita (BNS), 2023. Further investigation is on.