Dear All,
The Central Bureau of Investigation (CBI) conducted simultaneous raids in Lucknow and Gurgaon at the office premises of some top bosses of United India Insurance in connection with a fraud under the Vyapari Durghatna Beema Yojna ( VDBY) (an insurance cover exclusively for traders) in which the government was deprived of Rs 15 lakh revenue that was siphoned off as agent commission in a policy though there was no agent involved in the particular transaction.
Though no arrest was reported following the raids which concluded on Thursday late night, the sleuths did seize some documents. The case dates back to 2008 when an insurance cover was assured to a client in Lucknow. Though the amount of cover assured was not known, sources said its premium was calculated as Rs 1.93 crore. The entire work for putting the policy in place and the entire documentation was done directly by the insured and the insurance company, some senior bosses routed the transaction through an insurance agent identified by the name of Bhuwan Chand.
A few months later, it came to light that there was no insurance agent by the name of Bhuwan Chand registered or recognised by the particular insurance company in Lucknow ever. Thereafter, a complaint was lodged with the CBI. The CBI inquiry was complete, it was found that the allegations were true and a formal FIR was lodged by the CBI Lucknow division's anti-corruption department a couple of months ago. The raids were conducted in connection with the particular case only.
The three locations raided by the CBI in Lucknow and one in Gurgaon were the residential and office premises of the four accused named in the FIR including the regional office of United India Insurance Company situated at Narahi in Hazratganj area of the state capital. The sleuths searched the records available at the office of the then senior regional manager (SRM), S K Agarwal, and at his residence at La Plas Colony, also in Hazratganj, apart from the residential premises of the then development officer (DO) P K Bose and the fake insurance agent, Bhuwan Chandra Tripathi. Both of them live in Risaldar Park area of the state capital in Hussainganj.
Another team raided the residential premises of UITC's general manager Ashutosh Asthana in Gurgaon simultaneously. The CBI sources said that the government was deprived of Rs 15 lakh that was given away to the fake insurance agent and which otherwise would have added to the revenue generated from the insurance unit. CBI sources have not ruled out the possibilities of some arrests in near future.
.......EDITOR
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