A former marine insurance claims handler has been jailed for seven and a half years after diverting hundreds of thousands of pounds and nearly $4 million in insurance claim payments into accounts under his control over a seven-year period.
Rajit Sharma, 44, of London, formerly employed in the claims handling department of V Scope Risk Management Ltd, was sentenced at Southwark Crown Court on 29 October 2026 after being convicted of fraud by abuse of position.
Sharma was found guilty of misdirecting 34 insurance claim payments linked to 15 separate claims between April 2013 and November 2020, totalling £480,942.39 and $3,973,048.73.
To carry out the fraud, Sharma created a network of limited companies whose names closely resembled genuine businesses operating within the marine insurance and shipping sectors. These companies had little or no legitimate trading activity but were used to open bank accounts into which claim payments were diverted. Sharma also created email addresses and internet domains designed to mimic legitimate organisations involved in marine insurance claims, allowing him to issue fraudulent payment instructions that appeared authentic to insurers and other organisations handling the settlements.
The fraud was uncovered in 2020 when an underwriter identified suspicious banking details during the settlement of a claim. Further checks revealed discrepancies, triggering a wider review of historic claims handled by Sharma. He was suspended in November 2020 and later dismissed for gross misconduct.
A City of London Police investigation established that Sharma controlled the accounts receiving the diverted funds and used a complex network of bank accounts to move and conceal the proceeds. In February 2021, investigators obtained a restraint order. More than $1.89 million was identified in accounts held by Sharma at the time the order was secured, alongside substantial additional funds and assets. Confiscation proceedings under the Proceeds of Crime Act will continue with the aim of recovering criminal proceeds and returning money to affected organisations.
Financial investigators found that Sharma had used the proceeds to fund a lifestyle well beyond what his salary could explain. Purchases included a Porsche 911 Carrera 4S worth more than £115,000, an Audi RS5, a Cartier diamond ring valued at £15,700, and a personalised number plate. Criminal funds were also used to pay off a mortgage on a London property and to fund travel to Miami, Dubai, New York, Rome, Marrakech, Kuala Lumpur and Mumbai.
For marine insurers and brokers handling high-value claim settlements, Detective Inspector Andrea Bakewell of the City of London Police Fraud Operations team delivered a direct message on verification: “This case demonstrates the importance of vigilance and robust verification processes when handling high-value transactions. We would encourage businesses to always independently verify changes to payment details and to report any suspicious activity to Report Fraud.
“This was a calculated and sustained fraud carried out over a number of years by an individual who exploited his position of trust within a specialist industry. By creating convincing imitation companies, bank accounts and communication channels, Sharma was able to deceive insurers into sending substantial payments into accounts he controlled.
“The level of planning involved meant the transactions appeared genuine at every stage, allowing him to repeatedly divert large sums of money intended for legitimate claimants.”
