CBI Registers Case Against 13 For Rs 4 Crore Insurance Fraud In MP

Through collusion and manipulated documents, they reportedly bypassed internal controls, resulting in a wrongful loss of Rs 4 crore to the company. As the investigation continues, with raids and the seizure of incriminating documents, the authorities aim to uncover the full extent of the fraudulent activities

The Central Bureau of Investigation (CBI) has registered a case based on a complaint from the Regional Manager of Oriental Insurance Company (OIC) against 13 individuals, including a Senior Divisional Manager, a Development Officer, and 11 private persons. The accused, which include an insurance agent, a surveyor, an investigator, and eight proprietors of private firms in Satna, Madhya Pradesh, are alleged to have conspired to fraudulently settle insurance claims in 2022. The scheme reportedly resulted in a wrongful loss of Rs 4 crore to OIC and corresponding illegal gains for the accused.

According to the reliable sources, the accused into the case include Vijay Kumar Mongia, Dev Officer, RC Parteti, (Sr DM), Shrichand Agrawal (Agent), Sunil Garg (Surveyor) , Brajesh Kumar Yadav (Investigator), Chandrabali Dahiya (Insured), Sunil Kumar Pandey (Insured), Anil Kumar Pandey, (Insured), Sajjan Verma (Insured), P Pandey (Insured), Deepak K Pandey (Insured), Ramanand Dwivedi (Insured), P Charmkar(Insured) and two unknown persons, total 15.

It was alleged in the complaint that the accused proprietors of the 07 firms (Tendu Leave Trader firms) got insured the stock of Tendu leaves (Bidi leaves) from Oriental Insurance Company Ltd, Satna under 14 policies in May 2022 and the stock were kept in a Godown at village Ahirgaon, Satna district, which were allegedly burnt by fire. The Godown allegedly had no electricity connection and that the alleged fire was man-made. It was also alleged that FIR and Panchnama of the local police in this regard were ignored by the surveyor, investigator and the officials of the OIC Ltd for the purpose. The 07 firms, allegedly, produced bogus trading accounts for inflated closing stock with the help of Chartered Accountants, which were not verified by the surveyor, investigator and the officials of the OIC Ltd .They also ignored the fact that no GST returns were filed by the firms. It was also alleged that Tendu leaves were sold by MP Forest Department to M/s PC Trading Company (alleged supplier of Tendu Leaves to trading firms).and not to other 07 accused firms. It was further alleged that accused Development Officer, brought the claim amount within the financial authority of Sr Divisional Manager, by splitting 07 Insurance Policy into 14 Policies (two policies each for 07 firms) against the rules and regulations of OIC Ltd and thereby created conductive circumstances to approve the claims without referring to higher authorities. Subsequently, the firms filed 14 claims in 14 Insurance Policies which were settled from OIC Ltd, Satna.

In pursuance of the conspiracy, accused Sr Divisional Manager, allegedly got Survey and Investigation done by respective accused who submitted 14 Survey Reports and 14 Investigation Reports by inflating the loss sustained in Fire accident. On the basis of alleged inflated Survey Reports/Investigation Reports, accused Sr Divisional Manager, fraudulently settled the claims in favour of these firms.

Searches are being conducted today i.e. on September 11, 2024 at 03 locations including residential and official premises of the accused at Indore, Satna and Jabalpur of Madhya Pradesh, which led to recovery of various incriminating documents.