Kochi: The Crime Branch has issued a lookout notice against the seven accused in a case of fake health insurance scheme involving a whopping Rs 120 crore. The wanted men allegedly collected the amount from several people in all districts of the state by floating a company called Phenomenal healthcare services and running a money-chain operation before disappearing with the money.
Those named in the lookout notice are: K O Rafael, 67, of Koratty; Binoy Rafael, 40; K A Jiffry, 45, of Annamanada, T M S Nair, a resident of Maharashtra; Sebastian Maliekkal; Nandalal Kesar Singh, 51, and Ranjan Chunnilal, 58.
Their firm had promised health insurance coverage for nine years and return of twice the money deposited at the end of the ninth year. The police arrived at the estimated figure of Rs 120 crore based on the formal complaints they received. However, the actual number of victims of the fraud is much more, according to police officers.