Former LIC Assistant Gets 10-Year Jail Term in Rs 6.37 Crore Fraud Case

The court convicted Pankaj Saxena, who was serving as a Higher Grade Assistant at LIC's Transgomti Branch in Jankipuram, along with three private individuals, Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena.

Saxena has been sentenced to 10 years of rigorous imprisonment and fined Rs 5 lakh. The three other accused have each received three-year prison sentences and fines of Rs 1.25 lakh.

The case dates back to August 2012, when the CBI registered an FIR following a complaint from the Chief Manager of LIC's Transgomti Branch.

According to the investigation, the alleged fraud took place between February 2006 and August 2010. The accused were alleged to have worked together to create forged payment vouchers and cheques using the names of fictitious or non-existent policyholders.

The fraudulent transactions allegedly resulted in LIC suffering a loss of approximately Rs 6,37,66,660.

Following its investigation, the CBI filed a charge sheet against the accused on August 21, 2014. The case also involved officials from LIC's Transgomti Branch.

After the conclusion of the trial, the court found the accused guilty and pronounced their sentences on September 30.

## CBI Arrests WCL Official in Alleged Rs 50,000 Bribery Case

In a separate development, the CBI has arrested a Senior Overseer (Civil) working with Western Coalfields Limited (WCL) in Maharashtra in connection with an alleged bribery case.

The accused officer was posted at the Gokul Murpar Sub Area in the Umred Area of WCL. The agency registered the case on September 30 following a complaint alleging a demand for Rs 50,000.

According to the complaint, the officer allegedly sought the amount for processing payment against the complainant's third bill for ongoing contractual work. The alleged bribe represented two per cent of the total bill value of Rs 25,35,693.

The complainant had secured a WCL contract for the construction of two borewells and installation of submersible pumps, as well as an internal main line and distribution pipeline.

The project was intended to provide drinking water facilities at the rehabilitation site of Pirwa village.

The CBI has initiated further proceedings in the bribery case.