The accused, identified as Bhaskarabhatla Suryanarayana Sastry, an Assistant Manager in the General Administration wing of IRDAI
Published Sep 01, 2025 | 6:07 PM ⚊ Updated Sep 01, 2025 | 6:07 PM
EOW police arrest IRDAI employee in misappropriation of funds case. (AI Generated/ Supplied)
The Economic Offences Wing (EOW) Police of Cyberabad has arrested an employee of the Insurance Regulatory and Development Authority of India (IRDAI) on charges of forgery, cheating, and misappropriation of funds amounting to ₹5.30 crore.
The accused, identified as Bhaskarabhatla Suryanarayana Sastry, an Assistant Manager in the General Administration wing of IRDAI and a resident of Shaikpet, Hyderabad, allegedly diverted official funds into his own and family members’ bank accounts.
According to police, Sastry had taken multiple hand loans and, unable to repay them, devised a plan to misuse his position at IRDAI. He allegedly created forged invoices, office notes, quotations, and other documents, which he then routed through the approval process. Once cleared by higher officials, the files were forwarded to the Accounts Department along with the falsified payment documents.
Believing the payments were directed to legitimate vendors, the department released funds that were instead funneled into accounts linked to the accused and his relatives.
Investigators say this deliberate manipulation caused a wrongful loss to IRDAI running into several crores. The case, registered under FIR No. 53/2025, is being probed by ACP M Hussaini Naidu under the supervision of DCP A Muthyam Reddy. Cyberabad Police have urged government offices and private firms to strengthen verification mechanisms before processing financial transactions.
