The Ahmedabad CBI court docket on Wednesday sentenced 5 accused, together with the ex-Divisional Supervisor of UIICL (United India Insurance coverage Firm Restricted) Ahmedabad, to 5 years of rigorous imprisonment with a complete nice of Rs 5.91 crore in a case associated to a fraudulent fee of insurance coverage brokerage.
The convicts are ex-Divisional Supervisor of UIICL Ahmedabad Madhusudan Patel, Managing Director of Ivory Insurance coverage Dealer Pvt Ltd Pankaj Gupta, and Director of Safeway Insurance coverage Dealer Pvt Ltd Inderjot Singh, together with the 2 non-public companies themselves.
As per a press launch from the CBI, the company had registered a case towards the accused on February 6, 2012, on allegations of issuing numerous insurance policies associated to insurance coverage that brought on losses to the state authorities exchequer and monetary positive factors for the accused.
The investigation had allegedly proven that Patel had, from March 2007 to November 2010, issued numerous Group Janta Private Accident Insurance policies to the Directorate of Insurance coverage, Authorities Insurance coverage Fund (GIF), Authorities of Gujarat.
Patel allegedly issued these insurance policy beneath the Brokers Code of Ivory Insurance coverage Brokers and Safeway Insurance coverage Brokers through the use of his personal user-ID and password. The Gujarat Insurance coverage Fund (GIF) therefore positioned the plans instantly with the UIICL and didn’t give any mandate letter to the brokers, which implies they had been unauthorised.
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