The Central Police (Ulhasnagar) have arrested the branch manager and 2 others for swindling a policyholder of Rs 12 lakh on the pretext of updating his KYC (Know Your Customer) details. The accused had allegedly caused a loss of Rs 46.61 lakh in total to the policyholder. One of the accused posed as the 18-year-old son of the accused and had signed the documents while making new policies. 

Asan Balani, a 47-year-old hospitality professional, and his wife bought a policy on behalf of their child in 2010. The yearly premium of the policy is Rs one lakh and it was to mature in 2030, yielding Rs 46.61 lakh in returns. As the child had turned 18 recently, the policy had been transferred to the youngsters` name.