A former marine-insurance claims handler has been jailed for seven and a half years after diverting payments totalling £480,942.39 and $3,973,048.73 through companies with names closely resembling genuine businesses.
Rajit Sharma, 44, was sentenced at Southwark Crown Court on 29 October 2026 after being convicted of fraud by abuse of position. He formerly worked in the claims-handling department of V Scope Risk Management Ltd, a marine-insurance brokerage connected with the V.Group ship-management business.
The offending involved 34 marine-insurance claim payments connected with 15 separate claims. The payments were misdirected between April 2013 and November 2020, making the case a fraud spanning more than seven years rather than a single claims-payment incident.
How the payments were diverted
The fraudulent arrangement involved companies whose names closely resembled those of genuine marine-insurance and shipping businesses. Accounts opened for those lookalike companies were used to receive money intended for legitimate beneficiaries.
Lookalike email addresses and internet domains were also used to make fraudulent payment instructions appear authentic. Together, the similarly named companies, accounts and electronic communications formed the mechanism through which claims payments were diverted from their intended recipients.
The fraud was uncovered after an underwriter raised concerns about banking details supplied during a claim settlement in 2020. Further checks prompted a wider review of claims handled by Sharma, extending the examination beyond the settlement that had first raised concerns.
Sharma had worked in marine insurance since 2011. He was suspended in November 2020 after the fraud was detected and was later dismissed for gross misconduct following an internal investigation.
Investigators established that Sharma controlled the accounts into which the payments had been sent. They also established that he used a network of accounts to move and conceal the proceeds, rather than leaving all the diverted money in the accounts that initially received it.
The investigation found that some of the money was transferred onward and some was used to acquire assets and luxury items. A significant proportion of the diverted funds remained under Sharma’s control.
Assets restrained as confiscation proceedings continue
A restraint order was obtained in February 2021 to prevent assets being dissipated while enquiries continued. At the point when the order was secured, more than $1.89 million had been identified in accounts controlled by Sharma.
That figure represents money identified at that stage of the investigation, not a final recovery total. It is distinct from the overall diverted-payment totals, which are separately denominated in sterling and dollars.
Investigators linked fraud proceeds to a Porsche 911 Carrera 4S valued at more than £115,000, an Audi RS5, a Cartier diamond ring valued at £15,700 and a personalised vehicle registration plate.
The investigation also identified criminal funds being used to clear a mortgage on a London property. Other spending included travel, hotels, restaurants and leisure, alongside the acquisition of vehicles and luxury items.
Records examined during the investigation showed trips including visits to Miami, Dubai, New York, Rome, Marrakech, Kuala Lumpur and Mumbai. The spending and assets formed part of the investigation into what had happened to the diverted money.
Confiscation proceedings under the Proceeds of Crime Act are continuing. Their stated purpose is to seek recovery of criminal proceeds and, where possible, return money to affected organisations.
The prison sentence has been imposed, but the confiscation stage remains unresolved. No final confiscation result has been established, and the amount identified in Sharma’s accounts when the restraint order was secured should not be treated as money already recovered or returned.
