New India Insurance Company's Ujjain office recently saw its seven development officers face imprisonment, each sentenced to four years by a CBI court in Indore.
Among those convicted are Arvind Jain, Sanjay Sharma, Devendra Natani, Kirti Sogani, Pankaj Khandelwal, Gautam Jabhulkar, and Pradeep Banthia. The case dates back 26 years, when these officers allegedly received excessive commissions concerning the insurance of cooperative societies. This fraudulent activity was linked to the Bharatpuri branch of New India Insurance Company.
Post this verdict, all individuals were arrested and confined to jail. Except for Jambhulkar, the development officers were already retired from their services.
Elsewhere in the country, authorities have sent out a US$208 million tax demand to a private insurer, the latest in a growing list of firms slapped with similar notices as the government intensifies its crackdown on alleged evasion.
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