UNMASKING DECEPTIVE SCHEMES: AN IN-DEPTH ANALYSIS OF INSURANCE FRAUD CASE STUDIES IN INDIA

AUTHOR – KARANDEEP SINGH, STUDENT AT CHANDIGARH UNIVERSITY

BEST CITATION – KARANDEEP SINGH, UNMASKING DECEPTIVE SCHEMES: AN IN-DEPTH ANALYSIS OF INSURANCE FRAUD CASE STUDIES IN INDIA, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (2) OF 2024, PG. 1519-1528, APIS – 3920 – 0001 & ISSN – 2583-2344

ABSTRACT

Insurance fraud poses a significant challenge to the Indian insurance industry, affecting the insurers and policyholders alike as well as the economy by adding large sums of economic debt on the nation. This research paper presents a comprehensive examination of big billion dollars insurance fraud in India through a detailed analysis of very recent case studies. By scrutinizing real-world examples of insurance fraud, this study seeks to unveil the intricacies of deceptive schemes, the underlying motivations, and the modus operandi employed by fraudsters. The study leverages a diverse set of case studies encompassing various insurance domains, including life, health, property, and motor insurance, to provide a holistic perspective on the issue. Through a qualitative approach, the paper delves into the multifaceted nature of insurance fraud, identifying common patterns and distinctive characteristics that enable a better understanding of fraudulent activities. In conclusion, this study underscores the urgency of addressing insurance fraud penal mechanism and separate and specific legislation to combat insurance fraud in India and the need for collaborative efforts among insurers, regulators, and law enforcement agencies to develop proactive strategies for detection and prevention. By dissecting real-world case studies, this research aims to provide valuable insights that can contribute to the formulation of more robust anti-fraud measures and the safeguarding of the Indian insurance sector.

Keywords: Insurance, Fraud, Insurance Fraud Control Act, Case Studies, Multi crore scam, business, law