1. You Are At:
  2. English News
  3. India News
  4. CBI arrests two LIC officials for Rs 3 crore death-claim fraud

CBI arrests two LIC officials for Rs 3 crore death-claim fraud

The scam went undetected in Kodad branch of Suryapet district, Telangana for nearly 10 years between 2008 and 2018 till an internal audit by the LIC caught the ongoing fraud, the officials said.

PTI PTI
New Delhi Published on: June 06, 2019 15:35 IST
CBI arrests two LIC officials for swindling over Rs 3 crore
Image Source : PTI

CBI arrests two LIC officials for swindling over Rs 3 crore

Two officials of the Life Insurance Corporation of India have been booked by the CBI for allegedly swindling more than Rs 3 crore by making death claims on the basis of forged documents in 190 insurance policies in which they inserted bank accounts of their acquaintances in place of nominees, officials said. 

The policyholders, who were alive, did not realise that their policies have been redeemed by the swindlers, they said.

The scam went undetected in Kodad branch of Suryapet district, Telangana for nearly 10 years between 2008 and 2018 till an internal audit by the LIC caught the ongoing fraud, the officials said.

On the basis of a complaint from the LIC, the Central Bureau of Investigation (CBI) registered an FIR against Banoth Beeku Naik, Assistant Administrative Officer and Gugulothu Harya, both suspended employees of the LIC, besides nine agents and some unidentified persons.

The agents' accounts were also credited with death claims, they said. 

"They have submitted fake death certificates and other documents to the LIC for processing of death claims payments under these policies," the LIC said in its complaint which is now a part of the CBI FIR.

The agents booked by the agency include Palaki Raghu Chary, A Kondaiah, P Suresh, M Dhana Murthy, Toomati Surender Reddy, Bhonagiri Vijaya Kumar, Vangala Saida Chary, Bhukya Ravi and Kalvakuntia Venkanna.

"Most of the claims were processed by the above said public servants. 

However, in most of the cases, the policy holders are alive and death claims have not been received by their respective nominees. 

The claim amounts were also credited to the bank accounts of public servants, agents and their close relatives," the FIR alleged.

Also Read | Dell, Jeep, LIC most-trusted brands in India: Report

 

Write a comment