Ikram Rafique, an unlicensed broker, defrauded over 900 individuals through low-cost fraudulent insurance policies from 2016 to 2018, manipulating customer details for cheaper rates and establishing false accounts to process broker fees. His cousin, Mohammad Hamad, aided by laundering the proceeds. Both were sentenced and ordered to repay a total of 376,608. Rafique was convicted of unlicensed brokering and money laundering, receiving a suspended sentence and community service, while Hamad was sentenced to 15 months, also suspended, with a mandate to perform unpaid labor.
Ikram Rafique, pretending to be a licensed insurance broker, exploited over 900 individuals by selling invalid insurance policies using manipulated customer information.
The fraudulent actions of Rafique, along with his cousin's laundering activities, led to a significant financial penalty and criminal convictions.
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