Two directors nabbed in $27 million for reinsurance fraud

Police have arrested two directors of Indian firm Global Master Consultant in a 2 billion Indian rupees ($27 million) crop reinsurance fraud case, Times of India reported. The directors of GMC, which represented Malaysia-based Confiance International Reinsurance Brokers LLC, are accused of duping Tata AIG General Insurance Co. Ltd. by issuing fake reinsurance slips.

Source: Business Insurance