Surrey Man Jailed for £1.3 Million Insurance and Investment Scam
A man from Surrey has been sentenced to nearly seven years behind bars for a massive fraud spree that duped insurers, pension firms, friends, and family out of over £1.3 million.
Rajesh Ghedia, 42, from New Haw, Addlestone, claimed he had terminal stage 4 pancreatic cancer to cash in on insurance and pension payouts. At the same time, he hoodwinked acquaintances into investing nearly £625,000 in fake financial products, using his job at a major bank as bait.
Six Years and Nine Months: Justice Served at Southwark Crown Court
On June 17, 2022, Ghedia received a six years and nine months prison sentence at Southwark Crown Court after being convicted on more than 30 counts of fraud. The City of London Police’s Insurance Fraud Enforcement Department (IFED), Fraud Operations team, and Asset Recovery Team led the investigations that brought him down.
Detective Constable Daniel Weller called Ghedia’s actions “disturbing and despicable.” He added, “It’s horrific that he abused systems designed to help the terminally ill, using lies to fill his own pockets.” DC Simon Andrews remarked, “Ghedia’s scams were brazen. He fooled not just strangers but his own family, exploiting personal relationships for gain.”
Fake Cancer Diagnosis Rakes in Over £1.2 Million
- Ghedia enrolled in several pension plans allowing early withdrawals if diagnosed with less than a year to live.
- He took out a £1.2 million life insurance policy with critical illness cover in 2017.
- In 2020, he faked a diagnosis of stage 4 pancreatic cancer, submitting forged medical documents to claim payouts.
- The pension company initially paid £14,581 after verifying doctor credentials, unaware the documents were fake.
- The insurer later paid out £1,201,096 after further medical reviews—claims later exposed as fraudulent.
Investigations revealed that the main doctor named in the paperwork had never treated Ghedia. Several signatures and emails were forged. Upon a police raid, officers uncovered evidence of multiple fraudulent claims totaling tens of thousands more.
Spring Finance, suspecting fraud after missed mortgage payments, helped trigger the police probe by reporting suspicious documents to Action Fraud.
Investment Scam Betrays Friends, Family, and Even Taxi Driver
Claiming to be Head of Trading Desk at a global investment bank—a role he never held—Ghedia convinced friends and family to pour hundreds of thousands into bogus schemes.
- One victim invested nearly £135,000 into a supposed portfolio linked to a cinema chain. It was actually Ghedia’s personal account.
- Another victim, his regular taxi driver, was duped into investing over £35,000 and later pressured to pay £72,531 in fake taxes, forcing the couple to sell their home.
- Even a family member was swindled out of more than £63,000 before discovering the investment never existed.
When investors pressed for returns, Ghedia blamed Brexit, the Covid-19 pandemic, and even Russian hackers. He spun lies about tragic family accidents to avoid repayments.
Assets Frozen as Authorities Move to Recover Stolen Cash
After Ghedia’s arrest in August 2020, the Asset Recovery Team swooped on his possessions, securing a £1.6 million property under a Restraint Order and freezing £1.2 million in bank funds linked to insurance payouts.
Ghedia had his job terminated when he failed to attend a disciplinary hearing, and his silence continued at police interviews.
Spring Finance’s Compliance Manager Erika Leung praised the police, saying, “From the start, Ghedia’s story didn’t add up. Thanks to cooperation and thorough investigation, justice has been done.”
The City of London Police continue working to reclaim stolen funds and warn the public to stay vigilant against friendly-faced fraudsters.
