CBI Court Slams Cheaters: 5 Years Jail, ₹12 Lakh Fine for Defrauding LIC

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A Special CBI court in Lucknow has handed down a five-year prison sentence and a ₹12 lakh fine to two individuals, Braj Kumar Pandey and Manish Kumar Srivastava, for cheating the Life Insurance Corporation (LIC) of India. The accused were found guilty of cheating LIC to the tune of ₹15.22 lakh between 2001 and 2003. According to the CBI, Pradeep Kumar Pandey, a former Micro Processing Operator at LIC's Gorakhpur branch, conspired with others to misuse passwords and create fictitious policies, resulting in fraudulent payments on 20 policies. The CBI filed a chargesheet in 2007, and after a trial, the court convicted and sentenced Braj Kumar Pandey and Manish Kumar Srivastava. Two other accused, Pankaj Kumar Rawat and Dhananjay Kumar Upadhyaya, were acquitted due to lack of evidence, while Pradeep Kumar Pandey and Amar Nath Pandey passed away during the trial.