Overview

• Bhaskarabhatla Suryanarayana Sastry, an assistant manager at IRDAI, was arrested in Hyderabad by Cyberabad’s Economic Offences Wing on Monday in a case pegged at Rs 5.30 crore.
• Police allege he fabricated invoices, office notes and quotations to create payment files that appeared legitimate for internal approvals.
• According to investigators, he replaced genuine vendor bank details with accounts belonging to himself and relatives after higher-official sign-offs.
• The Accounts Department processed the payments believing they were for legitimate vendors, resulting in a wrongful loss to IRDAI estimated at Rs 5.30 crore.
• Police cite a debt trap from hand loans as the alleged motive and say the probe is ongoing, while urging organizations to verify invoices and bank details before releasing funds.