CBI Books LIC Admin Officer For Embezzling ₹43.8 Lakh, Tampering Records To Hide Fraud

Mumbai: The Central Bureau of Investigation (CBI) has initiated a probe against an administrative officer with the Life Insurance Corporation of India (LIC) on the allegations that he misappropriated the funds of LIC by dishonestly transferring the same to the accounts of third parties and later on transferred to his own account and also tried to destruct the related records of LIC for concealing evidence.

According to the CBI, it is alleged that during the period of July 2023 and January 2024, the accused public servant while working as administrative officer, pension & group schemes unit (P&GS), LIC entered in criminal conspiracy with others and misappropriated the funds of LIC by dishonestly transferring the same to the accounts of third parties and later on transferred to his own account and also tried to destruct the related records of LIC for concealing evidence.

The LIC had identified five persons in whose bank accounts the accused administrative officer had transferred Rs 43.80 lakh. During the course of internal investigation, it was realized that all the beneficiaries are not the beneficiaries of any Group Insurance Scheme of LIC. It was further revealed that the accused public servant had tried to destroy the accounts related documents and papers maintained by the P & GS Unit.

During the further course of investigation, the accused government official had admitted his act and had refunded the money from his personal account. Although the LIC had recovered the entire identified amount, they decided to lodge a complaint against the accused with the CBI for cheating, embezzlement of money and criminal breach of trust and attempt to damage or cause to disappear evidence. A case has been registered by the CBI under the provisions of Indian Penal Code and Prevention of Corruption Act.