Rajit Sharma
Introduction
Rajit Sharma is a former London marine insurance claims handler who was jailed for seven and a half years for diverting hundreds of thousands of pounds and nearly $4 million in insurance claim payments into accounts under his control over a seven-year period. Sharma, 44, was sentenced at Southwark Crown Court on October 29, 2026, after being convicted of fraud by abuse of position.
Background Information
Sharma worked in the claims handling department of V Scope Risk Management Ltd, a firm in the marine insurance sector. Between April 2013 and November 2020, he misdirected 34 insurance claim payments linked to 15 separate claims, totalling £480,942.39 and $3,973,048.73, according to the City of London Police investigation that eventually caught him.
To carry out the fraud, he built an infrastructure of impostors: limited companies whose names closely resembled genuine businesses operating in marine insurance and shipping, with little or no legitimate trading activity, whose only function was to open bank accounts to receive diverted claim payments. He 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 settlements.
The Controversy or Incident That Led to Their Cancellation
Jailed for diverting insurance claim payments through sham companies. Sharma was convicted of fraud by abuse of position and sentenced to seven years and six months on October 29, 2026.
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 as the scale of the misdirection emerged.
The 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, and 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.
Public Reaction and Consequences
The sentence — seven years and six months — was announced by the City of London Police, whose economic crime directorate handles fraud cases within its square-mile jurisdiction. The case became a cautionary example for the marine insurance industry, where claim settlements flow between international counterparties and a convincing email domain can redirect a payment worth hundreds of thousands of dollars.
Proceeds of Crime Act confiscation proceedings will continue with the aim of recovering criminal proceeds and returning money to the affected organisations. Investigators urged businesses to independently verify changes to payment details — the exact mechanism Sharma’s imitation domains and lookalike companies exploited for seven years.
Current Status
Sharma is serving a seven-year and six-month sentence imposed at Southwark Crown Court on October 29, 2026, following his conviction for fraud by abuse of position. He was fired from V Scope Risk Management for gross misconduct in the wake of the 2020 discovery, and confiscation proceedings under the Proceeds of Crime Act remain ongoing, with investigators working to return funds to the affected insurers.
Impact on Their Career/Life
A career spent handling other people’s claims ended with his own ledger read aloud in court: 34 payments, 15 claims, £480,942.39 and $3,973,048.73 diverted through companies that existed only on paper. The dismissal for gross misconduct in 2020 became a prison term in 2026, and the restraint order that froze $1.89 million three months after his suspension has grown into a full confiscation case. The lookalike companies and imitation domains are now exhibits rather than instruments, and the marine insurance firms that processed his fake instructions have a seven-year case study in verifying payment details.