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IRDAI official siphons off ₹5.3cr, pays vendors with fake notes
An Assistant Manager at the Insurance Regulatory and Development Authority of India (IRDAI) has been arrested for allegedly siphoning off ₹5.3 crore from the organization.
Bhaskarabhatla Suryanarayana Sastry, who worked in general administration, is accused of forging documents to move money into his own and his family's bank accounts.
How Sastry duped the organization
Sastry reportedly faked invoices and office notes, swapping real vendors' bank details with those belonging to him and his family.
The payments looked legit to higher-ups, so they got approved without suspicion.
This scam ended up causing major financial losses for IRDAI.