Surrey Man Jailed for £1.3m Insurance and Investment Scam
A Surrey man has been locked up for nearly seven years after pulling off a massive £1.3 million insurance and investment fraud. Rajesh Ghedia, 42, from Addlestone, was sentenced at Southwark Crown Court on June 17, 2022, following a City of London Police investigation.
Fake Terminal Cancer Claims to Bag £1.2 Million
Ghedia falsely claimed he had terminal stage 4 pancreatic cancer, telling pension and insurance firms he had less than a year to live. Using forged medical documents from a fake London doctor, he secured over £1.2 million in insurance payouts.
He enrolled in multiple pension plans, cashing out nearly £70,000 by falsely claiming terminal illness. The City of London Police’s Insurance Fraud Enforcement Department (IFED) unearthed his deception after Spring Finance flagged suspicious documents and stopped mortgage payments.
Detective Constable Daniel Weller slammed the scam:
“It is both disturbing and despicable that Ghedia took advantage of systems designed to help terminally ill patients, not to line the pockets of greedy fraudsters.”
Posing as Top Banker to Scam Friends and Family
Ghedia also faked being a senior trader at a global investment bank. He convinced friends, family, and even his own taxi driver to invest in bogus financial products — funneling nearly £625,000 straight into his personal accounts.
He spun wild tales to cover his tracks, blaming Covid delays, Brexit, and even Russian hackers. One taxi driver couple borrowed £72,000 from a friend to pay supposed tax bills Ghedia claimed they owed. When they confronted him, he lied that his daughter had died in a car crash.
Detective Constable Simon Andrews said:
“Ghedia was audacious, exploiting personal relationships for gain. Today’s sentence offers some justice for his many victims.”
Assets Frozen and More Legal Action Pending
Police seized a £1.6 million property and froze Ghedia’s bank accounts. Further confiscation proceedings are underway to recover the stolen money. Despite repeated questioning, Ghedia refused to comment during his arrest in August 2020.
His employer fired him in June 2020 after he failed to attend a disciplinary hearing.
How Police Cracked the Scam
- Spring Finance identified suspicious medical documents and reported fraud.
- IFED discovered the ‘doctor’ never treated Ghedia; emails and signatures were forged.
- Warrants at Ghedia’s home revealed further fraudulent claims.
- A multi-team police probe uncovered Ghedia’s fake investment schemes.
Spring Finance’s Compliance Manager Erika Leung said:
“From the moment this case arrived on my desk, it was clear that Ghedia’s story did not add up. I’m glad the police held him accountable.”
Ghedia now faces paying back all his ill-gotten gains as the City of London Police continue their crackdown on sophisticated fraudsters.
