CBI REGISTERS A CASE AGAINST TWO BRANCH MANAGERS OF LIC AND OTHERS FOR CAUSING LOSS OF RS. 1.14 CRORE(APPROX) TO LIC

Press Release
New Delhi , 19.06.2012

            The Central Bureau of Investigation has registered a case against the then two Branch Managers & the then Higher Grade Assistant of LIC Divisional Office, Raipur; Dealing official of Nagar Nigam, Bilaspur; a private person and unknown others U/s 120-B r/w 420, 467, 468, 471 of IPC and section 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988 for causing loss of Rs. 1.14 crores(approx.) to Life Insurance Corporation.

 

            It was alleged that the then two Branch Managers and the then Higher Grade Assistant, all of Life Insurance Corporation of India, P&G Unit, Divisional Office, Pandri, Raipur(Chhatisgarh) during the year 2008-11, had entered into criminal conspiracy among themselves and also with dealing clerk of Nagar Nigam, Bilaspur & a private person and unknown others. In pursuance of the said criminal conspiracy, they had committed fraud in the settlement of death claims under the Janashree Bima Yojana of LIC under various different policies of Nagar Nigam Palika, Bilaspur. The insurance amount to the tune of Rs 1.14 crore (approx.) was allegedly paid by LIC, fraudulently against 570 false claims during the year 2008-2011 which had resulted into loss of Rs. 1.14 crore(approx.) to the LIC of India and corresponding gain to the accused.

 

            Searches were conducted at official & residential premises of the accused in Bilaspur and Raipur. The incriminating documents recovered during searches are being scrutinised.

 

            Investigation of the case is continuing.

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