Ex-LIC branch manager jailed for embezzling Rs 88 lakh
Case dates back to 2006.punjab Updated: Apr 13, 2018 23:02 IST
A CBI special court on Friday sentenced a former branch manager of Life Insurance Corporation (LIC) to five years in jail for siphoning off Rs 88 lakh in 2006.
CBI special judge Harjit Singh also imposed a fine of Rs 81,000 on the convict, Suresh Kumar Lohan. Other accused in the case, Lohan’s wife Kamla Lohan, brother-in-law Rajpal, LIC agent Sanjay Dhingra and Hanraj, whose wife was an LIC agent, were awarded three years each.
They were booked under Sections 420 (cheating), 419 (cheating by personation), 467 (forgery of valuable security, will, etc), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document or electronic record) and 201 (causing disappearance of evidence of offence) of the Indian Penal Code; Section 13 (2) of the Prevention of Corruption Act, and relevant sections of the Information Technology Act.
Lohan was sent to a Patiala jail, while the other accused were granted bail.
As per CBI, Lohan was an LIC branch manager in Punjab’s Nabha from 2004 to 2006, when misusing his official position, he embezzled Rs 88 lakh.
Lohan deleted details of policy claims and paybacks already settled, and then generated new cheques that were deposited in the accounts of the co-accused, the CBI contended.
The fraud came to light in an audit of the branch that was conducted after two years, following which LIC manager Ruchi Singh lodged a complaint, and the CBI registered a case against Lohan and other accused on December 1, 2006.
After the branch’s record was cross-checked with that of the head office, it came to the fore that some policy holders were paid twice. Further investigations pointed to the role of the branch manager.