IT company scammed of Rs 40 lakh in insurance scheme; one arrested, another at large


Samrat Sengupta, the Director of Shot Format Digital Production Pvt Ltd, has been apprehended by the Sakinaka Police for deceiving an IT firm through an insurance policy scam. The victimized IT firm, Proservz Digitech Pvt Ltd, had been procuring some of its insurance services from Shot Format Digital Production Pvt Ltd, and had been diligently paying premiums for several months. Given their prior business dealings with Shot Format, the IT firm had reposed trust in the company.
Prashant Shinde, the CEO of Proservz Digitech, disclosed that they had been paying their premiums to Shot Format for 3-4 years. However, issues arose when they encountered significant delays in processing their claims.
Shinde explained in his statement, “We initiated a small business venture with them. This issue began when they demanded an advance premium for a policy removal, and they introduced us to a business product named LAPU (Ledger Accounting Premium Utilization). They assured us that they had valid insurance tie-ups, policies, and licenses to market this LAPU product.” As Proservz sought to claim their entitled benefits and inquired about their premium payments, they were met with delayed responses and refusals to conduct in-person meetings. Over time, Shot Format escalated its harassment tactics, even resorting to legal threats against Proservz.
The IT firm was subsequently coerced into making additional payments and soon discovered that the accused company had manipulated and devalued their investments. Following the filing of an FIR, Samrat Sengupta was apprehended by the police. However, the Managing Director of Shot Format, Niyatee Shah, is currently evading arrest and is considered a fugitive in the case.