A Special CBI Court in Lucknow has handed down a five-year prison term and a Rs 12 lakh fine to two individuals for defrauding LIC of India of Rs 15.22 lakh back in 2003 through deceptive payments under 20 policies. Braj Kumar Pandey and Manish Kumar Srivastava, along with others, were found guilty of criminal conspiracy by the CBI. The case was initiated based on allegations against Pradeep Kumar Pandey, who, in collusion with unknown individuals, cheated LIC of India while working as a Micro Processing Operator.
The investigation revealed that Pradeep Kumar Pandey abused the password of Branch Officials to create fake policy Masters and errors in the Salary Saving Scheme, enabling fraudulent payments under 20 policies. Following the probe, the CBI filed a charge sheet on January 10, 2007, against Pradeep Kumar Pandey and five private individuals, including Braj Kumar Pandey and Manish Kumar Srivastava. The Special Court, after the trial, convicted and sentenced Braj Kumar Pandey and Manish Kumar Srivastava to the prescribed punishment.
In a separate case, the CBI announced the arrest of two bank officials, Shalini Sinha from Canara Bank and Abhishek Kumar from Axis Bank, for their involvement in opening mule accounts used by cybercriminals for illicit fund transfers and fraud activities.
