CBI REGISTERS A CASE AGAINST THEN DIVISIONAL MANAGER & DEVELOPMENT OFFICER OF NEW INDIA ASSURANCE COMPANY AND OTHERS FOR CAUSING LOSS TO GOVERNMENT EXCHEQUER

Press Release
New Delhi, 21.03.2017

        The Central Bureau of Investigation has registered a case against then Divisional Manager & Development Officer, both working in New India Assurance Co. Ltd., (NIACL), Bandra DO, Mumbai; two Insurance Agents of Mumbai and a private person U/s 120-B of IPC r/w 420 IPC and Section 13(2) r/w 13(1)(d) of PC Act, 1988. It was alleged that then Divisional Manager in conspiracy with other accused during the period 2012-2016 cheated the New India Insurance Co.Ltd. to the extent of Rs.36.81 lakh(approx) by illegally altering the contract documents of Insured Mediclaim Policies taken by M/s.UTI Infrastructure Technology & Services Ltd., Belapur, Mumbai. It was also alleged that the contract documents were altered by inserting the names of other accused as Insurance Agents for the deal, although the claim was taken by M/s.UTI Infrastructure Technology & Services Ltd. directly from NIACL without any brokers/agents.

        Searches were conducted at the official & residential premises of accused persons which led to recovery of incriminating documents, including investments in FDR, Shares & Mutual Funds; documents showing purchase of two flats at Mumbai and a locker key.

            Further investigation is in progress.


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