One of the victims of the gang was an 81-year-old woman, the wife of a 1971 war veteran who was awarded Mahavir Chakra and mother of an Army officer who lost his life in Jammu and Kashmir during an Army operation at the time of insurgency.
The arrests came following a complaint filed by ICICI Prudential on March 3 that fraudsters have managed to steal their customer database and caused a "loss" of over Rs 90 lakh after some policy holders either surrendered or discontinued policies believing the cheats.
The arrested have been identified as Ankur Goyal (23), Praveen Yadav (26) and Pradeep Yadav (28).
The company told police that 712 customers had complained to them about the fraudulent calls.
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"They used to make fake tele-calls using unofficially accessed customer details and dupe the victims by impersonating as representatives of insurance companies or IRDA and, thereby, inducing their customers to purchase policies which they otherwise would not have purchased," Goel said.
Goel said the 81-year-old woman was approached by some people telling her that they would get her husband's investment validated and accordingly she was induced to issue cheques amounting to Rs 26 lakh.
Later on, she came to know that amongst the investments made, two insurance policies with forged documents had been issued and that all the amount had been misappropriated, he said.