India, Jan. 30 -- Noida The Noida police on Thursday arrested three suspects for allegedly tricking people on the pretext of refunding or renewing lapsed insurance policies.

The suspects identified as Varun Sharma, 30, Madan Gupta, 39, and Pradeep Verma, 33, were arrested from their call centre in Sector-10, following an investigation based on local intelligence and electronic surveillance, said officials.

About their modus operandi, officials said, the accused would contact victims and promise refunds of lapsed insurance or renewal of LAP (Loan Against Property) insurance policies, collecting amounts ranging between Rs.10,000 and Rs.1 lakh. The defrauded money was then transferred into fake bank accounts, several of which have now been...