Seven New India Insurance officers sentenced to prison

Sentencing handed down after 26 years

Seven New India Insurance officers sentenced to prison

Insurance News

By Kenneth Araullo

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.

According to a Free Press Journal report, the police thoroughly investigated the matter, presenting a charge sheet in the CBI court at Indore, which subsequently passed its judgment last Saturday.

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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