One thirty-one year old was recently arrested by Metropolitan Police officers on allegations that he was committing business insurance fraud.
The Wandsworth man stands accused of money laundering and conspiracy to defraud. Upon executing a search warrant at his address, police discovered a large quantity of commercial insurance documentation. In addition to the documents the police also seized some mobile phones and computer hard drives as well.
Allegations against the man include making anywhere from £30,000 to £40,000 through illegally trading as a professional indemnity insurance adviser. The man is rumoured to have specifically targeted both students and members of the Chinese community. The man was bailed pending further enquiries after being taken to a central London Police station.
MPS Fraud Squad Detective Constable Grahame Macfarlane commented on the apprehension of the alleged criminal. The arrest was a result of a partnership between the MPS and the Insurance Fraud Bureau. DC Macfarlane remarked that the Fraud Squad was proud to be a supporter of the IFB’s campaign aimed to raise insurance fraud awareness among students and Chinese community members.
The Fraud Squad advises anyone considering the use of an insurance advisor to conduct an investigation into the company or individual in a thorough manner. All legitimate advisers should be registered with either the Financial Services Authority or the British Insurers Association. Moreover the Fraud Squad also stated consumers should take steps to ensure they are giving their hard-earned cash to a regulated and reputable individual or company.
Glen Marr, director of the IFB, added more on the recently launched campaign. The campaign is designed to educate communities vulnerable due to their traditional targeting by insurance fraudsters such as students. The director stated that the IFB plans to continue to work with both law enforcement and its insurer customers to combat insurance fraud.