02-11-2020
AP: Two held for staging theft to claim insurance
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Insurance AlertssAP: Two held for staging theft to claim insurance
VISAKHAPATNAM: Police arrested two persons for stealing 350 bags of raw cashew worth Rs 24 lakh from a warehouse in Modavalasa under Denkada police station limits in Vizianagaram district. The duo committed the theft in order to claim insurance from the State Bank of India (SBI). The arrested were identified as D Vasudev Girish and G Manoj Kumar, business manager of the New Delhi-based Kissandhan Agri Financial Services Private Limited.
Vizianagaram police chief B Raja Kumari said an employee at the firm, Manoj Kumar, on October 24 lodged a complaint that unidentified persons had stolen raw cashew nut from the warehouse in Modavalasa. Investigation revealed that on October 22, the cashew was loaded into a lorry and shifted from the warehouse to another location.
It emerged that Vizianagaram-based V-One firm engaged in raw cashew trade had stored the bags in a warehouse belonging to Kissandhan Agri Financial Services at Modavalasa. Managing director of V-One N Viswanatham, DGM Vasudev Girish, AGM Ch Venkata Rao and Manoj Kumar of Kissandhan Agri Financial Services were involved in the bid to claim theft insurance of Rs 60 lakh from SBI and sell the stolen cashew.
Police said V-One had availed a loan of Rs 1.6 crore from Kissandhan Agri Financial Services after depositing the cashew in the firm’s warehouse. However, V-One was unable to repay the loan after business slumped during the lockdown..
