CBI REGISTERS A CASE AGAINST BRANCH MANAGER OF LIC AND OTHERS FOR CHEATING AND FRAUD

Press Release
New Delhi , 11.07.2013

            The Central Bureau of Investigation has registered a case against Branch Manager(Incharge Satellite Office); Assistant Branch Manager & three Assistant Administrative Officers, all of Satellite Office, LIC, Sanwer, Distt- Indore and seven LIC Agents U/s 120-B r/w 420 of IPC and Section 13(2) r/w 13(1)(d) of PC Act, 1988 on the allegations that Branch Manager, Assistant Branch Manager & three Assistant Administrative Officers while posted at Satellite Office, LIC of India, Sanwer, District Indore indulged in criminal conspiracy with seven Agents of LIC of India. In furtherance of said criminal conspiracy, they cheated the LIC of India by way of issuing 281 Life Insurance Policies worth of Rs.1.21 Crores(approx) & obtaining third party cheques from agents and paying an amount of Rs. 2.45 Lacs to aforesaid Agents towards commission against these polices. These third party cheques were dishonoured later on and premium amounts were not realised in LIC Bank A/c. After dishonour of third party cheques, accused LIC Officials did not take necessary cheque dishonour action against the agents. As such the accused officials & agents cheated the LIC & caused wrongful loss to LIC and corresponding wrongful gain to themselves.

 

            Searches were conducted at office & residential premises of accused public servants and private persons at 10 places in Indore & Gwalior (Madhya Pradesh). Incriminating documents recovered during the search are under scrutiny.

 

            Further investigation is continuing.

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