Lucknow, October 1 (Daily Kiran) : A special CBI court in Lucknow has handed down sentences in connection with a significant fraud case involving ₹6.37 crore at the Life Insurance Corporation (LIC). The verdict was delivered on September 30.
Among those convicted is Pankaj Saxena, a government employee who served as a higher-grade assistant at LIC’s Transgomti branch in Janakipuram, Lucknow. He, along with three others—Prem Shankar Upadhyay, Rekha Upadhyay, and Manish Saxena—was found guilty.
The court sentenced Pankaj Saxena to ten years of rigorous imprisonment and imposed a fine of ₹5 lakh. The other three defendants received three years of rigorous imprisonment each, along with fines of ₹1.25 lakh.
The CBI initiated this case on August 13, 2012, based on a complaint from the chief manager of LIC’s Transgomti branch. The complaint alleged that from February 2006 to August 2010, the accused conspired to commit fraud.
The defendants created fake payment vouchers and checks in the names of non-existent policyholders, siphoning off LIC funds. This resulted in a total fraud amounting to ₹6,37,66,660.
Following a thorough investigation, the CBI filed a charge sheet against the accused on August 21, 2014, which included officials from LIC’s Transgomti branch. After an extended trial, the court has now declared all accused guilty and imposed sentences.
In a related case earlier this week, a CBI court sentenced an income tax officer, Satish Kumar Bhadaani, to five years in prison for bribery, along with a fine of ₹1.5 lakh. Bhadaani was working in Jalgaon, Maharashtra, at the time of his offense.
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