The regulatory and development office for the regulation and development of the IRDAI (IRDAI) was arrested by the wing of Cyberrabad’s Economic Trefferents Wing (EOW) for alleged deviation and misuse of funds of 5.30 crore.
The defendant, Bhaskarabhatla Suryanarayana Sastra, assistant manager in general administration in Irdai and resident Shaikpet, Hyderabad, was reserved EOW of Cyberabad for crimes according to sections 318 (4), 338, 336 (3), 340 (2), 344, 340 (2), 340 (2), 61 (2) of 61 (2) of 340 (2), 340 (2), 340 (2), 340 (2), 340 (2), 340 (3), 340 (3), 340 (2), 340 (3), 340 (3), 338, 336 (3), 340 (3). Sanhita, 2023.
The EOW officer said he had taken his hand loans from several people and fell into a debt trap. “To pay off his debts, he hatched a plan to divert the Irdai funds. He reportedly created false invoices, office notes, citations and other documents and processed payment ensembles for approval from higher officials. He then replaced the bank account of the original sellers with those who belong to his family.”
Once higher officials approved the ensembles, Srytry handed them over the accounts department with counterfeit invoices and citations. The department of accounts that believed that the approval was actual, processed payments that were then diverted to the accounts of the Sastry and its family members.
According to EOW, this modus operandi allowed him to abuse resources and caused Irdai the wrong loss of CRORE 5.30 CRORE.
Cyberabad police referred to government authorities and companies to proceed with caution in the transfer of funds and verify the legitimacy of invoices before the processing of payments.
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Published – 1 September 2025 17:52 is
