Hyderabad, Nov. 1 -- The Cyberabad police arrested a 35-year-old man from Ghaziabad, Uttar Pradesh, for his alleged involvement in a large-scale insurance fraud racket. The accused reportedly duped a local of Rs 6.5 lakh.

The victim, a 37-year-old resident, was approached by Prashant Tripathi, claiming to be the Chief Head Officer (CHO) of MAX Life Insurance, Axis Bank.

Tripathi told the victim his insurance policy had expired and he needed to pay Rs 2.5 lakh. Believing him, the victim immediately transferred the amount using PhonePe.

Later, Tripathi demanded an additional Rs 4 lakh for medical insurance, NPCI charges and taxes, making the victim transfer a total sum of Rs 6,45,225 via PhonePe in multiple transactions.

Tripathi promis...