A Central Bureau of Investigation (CBI) court in Lucknow has handed down a 10-year prison sentence to a former employee of the Life Insurance Corporation of India (LIC) in connection with a significant fraud case that caused the company a loss of over Rs 6.37 crore.
Information was available with The Chenab Times that the court also sentenced three other individuals involved in the same fraudulent scheme to three years of imprisonment each.
The convicted former LIC employee, identified as Pankaj Saxena, held the position of Higher-Grade Assistant at LIC’s Transgomti Branch in Jankipuram. He was found guilty along with three private individuals: Prem Shankar Upadhyay, Rekha Upadhyay, and Manish Saxena, on September 30.
Saxena’s sentence includes 10 years of rigorous imprisonment and a fine of Rs 5 lakh. The co-accused, Prem Shankar Upadhyay, Rekha Upadhyay, and Manish Saxena, were each sentenced to three years of rigorous imprisonment and ordered to pay a fine of Rs 1.25 lakh.
The CBI initiated the investigation and filed the case on August 13, 2012, following a complaint lodged by the Chief Manager of LIC’s Transgomti Branch. The inquiry conducted by the investigative agency uncovered a carefully orchestrated plot by the accused to misappropriate funds belonging to LIC. This fraudulent activity reportedly took place over a period spanning from February 2006 to August 2010.
According to the details of the case, the perpetrators fabricated payment vouchers and cheques. These documents were purportedly created in the names of policyholders who were either fictitious or did not exist. The misappropriated funds, amounting to approximately Rs 6,37,66,660, represented a substantial loss to the Life Insurance Corporation of India.
Upon concluding its thorough investigation, the CBI submitted a charge sheet against the implicated individuals, including those from LIC’s Transgomti Branch, on August 21, 2014. The court presided over the trial, examining the evidence presented by both the prosecution and the defense.
After carefully considering all the evidence and arguments, the court reached its verdict, declaring the four defendants guilty of their respective roles in the financial scam. The sentencing was delivered on September 30, marking the culmination of a lengthy judicial process.
In a separate development, the CBI has also apprehended a Senior Overseer (Civil) from Western Coalfields Limited (WCL) in the Umred Area. This arrest is linked to an ongoing bribery investigation. A case was registered against the official, who is stationed at the Gokul Murpar Sub Area of the Umred Area, WCL, on September 30, concerning allegations of accepting bribes.
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The Chenab Times News Desk
