CBI registers case against branch manager of LIC and others for cheating and fraud

New Delhi/Jalandhar, July 11, 2013: The Central Bureau of Investigation has registered a case against Branch Manager (In-charge Satellite Office); Assistant Branch Manager and three Assistant Administrative Officers, all of Satellite Office, LIC, Sanwer,  District 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 and 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 and common intention, they cheated the LIC of India by way of issuing 281 Life Insurance Policies worth of about Rs.1.21 crores and  obtaining third party squelches from agents and paying an amount of Rs. 2.45 lacs to aforesaid Agents towards commission against these polices.

According to CBI spokesperson, these third party cheques were dishonored later on and premium amounts were not realized in LIC Bank A/c. After dishonor of third party cheques, accused LIC Officials did not take necessary cheque dishonor action against the agents. As such the accused officials and agents cheated the LIC and caused wrongful loss to LIC and corresponding wrongful gain to themselves.

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

The CBI registered case by name against:  A.K.Mishra, Branch Manager Incharge Satellite Office, LIC, Sanwer,District- Indore; (ii) Pradeep Kumar Pande, Assistant Branch Manager, Satellite office, LIC, Sanwer, District- Indore;(iii) P. K. Ingle, Assistant Administrative Officer at Satellite Office, LIC,Sanwer,  Distt- Indore;(iv)   N. Kirtikar, Assistant Administrative Officer at Satellite Office, LIC, Sanwer, Distt- Indore;(v)  O. P. Khowal,  Assistant Administrative Officer at Satellite Office, LIC, Sanwer,Distt- Indore;(vi) Rajesh Rathore,  Agent;(vii) Lakhan Rathore, Agent;(viii Ritesh Jaiswal, Agent;(ix) Nand Kishore Jaiswal, Agent;(x) Sanjay Patel, Agent(xi) Priyanka Jaiswal, Agent;(xii) Rakesh Rawat, Agent.

Further investigation is continuing in the matter.