Fraud execution and detection
Rajit Sharma, 44, formerly employed in the claims handling department of V Scope Risk Management Ltd, was sentenced on 29 October 2026 after being convicted of fraud by abuse of position. Between April 2013 and November 2020, Sharma misdirected 34 insurance claim payments linked to 15 separate claims, totalling £480,942.39 and $3,973,048.73. To execute the scheme, he created a network of limited companies with names resembling genuine marine insurance and shipping businesses, along with imitation email addresses and domains to issue fraudulent payment instructions. The fraud was uncovered in 2020 when an underwriter spotted suspicious banking details during a claim settlement, leading to his suspension and subsequent dismissal for gross misconduct.
Asset recovery and industry warning
A City of London Police investigation established that Sharma controlled the recipient accounts and used the proceeds to fund a lifestyle including a Porsche 911 Carrera 4S worth over £115,000, an Audi RS5, a Cartier diamond ring valued at £15,700, and property mortgage payments. Investigators secured a restraint order in February 2021, identifying more than $1.89 million in accounts held by Sharma, and confiscation proceedings under the Proceeds of Crime Act will continue. Following the sentencing, Detective Inspector Andrea Bakewell of the City of London Police Fraud Operations team urged businesses to independently verify changes to payment details and report suspicious activity.