New Delhi: A special court in Jaipur has convicted three individuals, including two officials of the Life Insurance Corporation of India (LIC), in a fraud case involving financial irregularities and misuse of official authority. The court sentenced two of the accused to 10 years of rigorous imprisonment, while the third accused was awarded a five-year jail term.
The verdict came after a trial in a case investigated by the Central Bureau of Investigation (CBI), which uncovered fraudulent activities linked to the manipulation of insurance-related financial transactions.
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Two LIC Officials Among Convicted
According to officials, the court convicted Mahendra Kumar Jain, who was serving as a Higher Grade Assistant at LIC’s Unit-II in Kota, and Bhupesh Tagore, who worked as an Assistant Administrative Officer at the LIC branch on Rang Bari Road in Kota. Both were sentenced to 10 years of rigorous imprisonment along with financial penalties.
Mahendra Kumar Jain has been fined ₹1.46 lakh, while Bhupesh Tagore has been directed to pay a fine of ₹1.21 lakh. In addition, Abhilasha Jain, a private individual and co-accused in the case, was sentenced to five years of rigorous imprisonment and fined ₹1.46 lakh.
Fraudulent Scheme Between 2006 And 2008
The CBI had registered the case in January 2010 following allegations that Mahendra Kumar Jain conspired with his wife Abhilasha Jain and Bhupesh Tagore to defraud the insurance corporation. Investigators alleged that the accused manipulated official records and created false financial documents to misappropriate funds.
During the period between 2006 and 2008, the accused reportedly prepared fake vouchers and cheques in the name of LIC. These amounts were then deposited as premium payments into insurance policies held by themselves, their relatives, or known associates.
The fraudulent transactions allowed the accused to illegally divert funds meant for official purposes.
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Financial Loss To LIC
According to the investigation, the scheme resulted in a financial loss of ₹3,92,863 to LIC. Authorities stated that the accused gained wrongful financial benefits while causing corresponding losses to the public sector insurance company.
The CBI completed its probe and filed a chargesheet against the accused in March 2012, leading to a prolonged legal process before the court delivered its verdict.
Court Concludes Trial
After examining the evidence and hearing arguments during the trial, the court found the accused guilty and announced the sentences accordingly. The ruling marks the culmination of a case that remained under judicial scrutiny for several years.
Officials said the verdict highlights the importance of accountability in public institutions and reinforces action against financial fraud involving government-linked organisations.