CBI unearths Rs.3.7 mn insurance fraud

Wednesday 28, September, 2005

New Delhi, Sep 28 (IANS) The Central Bureau of Investigation (CBI) Wednesday unearthed a scam worth Rs.3.7 million involving officials of the Life Insurance Corporation of India, siphoning off premiums deposited by clients for other purposes.

At least nine places in Delhi were raided by officials of the CBI, according to the agency's press statement.

Acting on a complaint, the CBI raided a house in Pushp Vihar, south Delhi, and recovered over Rs.118,000 from there. The house belongs to R.K. Mahajan and he is suspected to be the kingpin of the racket, CBI said.

Officials said that raids were also conducted in RK Puram, Saket, Katwaria Sarai, Nizamuddin, Mayur Vihar (phase II), Lado Sarai and Gazipur.

The raids were carried out on the basis of a complaint lodged by the Municipal Corporation of Delhi. The complaints said that the LIC premiums deposited at the office were being invested in private companies.

 

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