A 58-year-old businessman from Bhiwandi invested Rs 1 crore in LIC policy for his four family members. After some years when he tried to withdraw the amount and found that already Rs 60.70 lakhs loan was taken by someone on his policy.
The complainant Narsaiah Gajula 58 gave a written complaint to the Economic Offence Wing of Thane police after which a cheating case was registered with the Bhiwandi city police station against a bank manager and the person on whose account the cash was transferred.
The police said Gajula, a resident of Bhiwandi, owns Narayan Textile and powerloom in Bhiwandi. Gajula, his wife Sharda and two sons have four savings accounts and one current account in the Central bank of India, Bandra-Kurla complex branch. "In 2011, due to some business purpose, Gajula had mortgaged his flat and took Rs 5 crore loan. During his regular visit he came in touch with bank manager, Balkrishna Iyer," he added.
Gajula claims that in 2012, During one occasion Iyer the manager came at his Bhiwandi resident and said, "His wife is an LIC agent and their is a new beneficial policy. He assured about a policy that it will give double returns plus bonus within 9 years. He convienced us that the policy will end on September 30, 2012. Accordingly we agreed and invested in four policy of Rs 25 lakhs each. It were of my wife and two kids. A total of Rs 1 crore was invested and they gave us a receipt for the same," he said.
He further added even after paying the amount the manager was not ready to give policy papers. "In 2018, I was not able to pay the loan over the pandemic. The bank was about to seal my flat. So we decided to withdraw the amount from the policy. When we approached the office they were not ready to share the details. Through an RTI, I found the fact and was shocked to see that already Rs 60.70 lakhs was withdrawn from the policies. It was withdrawn by forging signatures," he added saying how can we repay the amount now and our flat too will be seized now.
Gajula then approached the EOW and gave a written complaint. After a primary investigation, a case has been registered at Bhiwandi city police station under section 420, 406, 465, 467, 471 and 34 of the Indian penal code.
The Thane EOW are further investigating the matter.
