Two employees of a well-known insurance company have been arrested on the charge of fraudulently settling several unclaimed and lapsed policies and siphoning off about Rs 1.5 crore. The accused worked at the Malad branch of the company.

Sources at the Bangur Nagar police station said assistant manager, Dipesh Jadhav, 33, dealt with cases where policyholders had discontinued paying the premiums. As part of his job, he had access to the policy and bank details of the company’s customers from across the country. The police said Jadhav roped in his colleague Rohan Naidu, 32, to commit the fraud. Over the past few years, the duo settled about 50 policies where premiums had been paid for some time. While Jadhav got Rs 97 lakh transferred to his and his relatives’ accounts, Naidu made Rs 61 lakh.  The duo’s undoing started after a customer from Indore visited a local branch saying he wanted to liquidate a policy for which he had paid a few premiums but discontinued later.