The Central Bureau of Investigation (CBI) has launched an investigation into an administrative officer with the Life Insurance Corporation of India (LIC) for allegedly embezzling ₹43.8 lakh. The officer, who worked in the pension and group schemes unit, is accused of transferring funds to third-party accounts and then to his own account between July 2023 and January 2024. According to the CBI, the officer conspired with others to misappropriate the funds and attempted to destroy related records to conceal evidence.
An internal investigation by LIC identified five individuals whose bank accounts received the embezzled funds. However, it was discovered that none of these individuals were beneficiaries of any LIC group insurance scheme. The accused officer also tried to destroy documents and papers related to the accounts. During the investigation, the officer admitted to the crime and refunded the money from his personal account.
Despite recovering the entire amount, LIC decided to file a complaint with the CBI, alleging cheating, embezzlement, and criminal breach of trust. The CBI has registered a case under the Indian Penal Code and Prevention of Corruption Act. The accused officer’s actions were deemed a serious breach of trust, and the CBI will investigate the matter further to determine the extent of the officer’s wrongdoing and potential conspirators.
The incident highlights the importance of internal controls and audits in preventing corruption and embezzlement. It also demonstrates the willingness of organizations like LIC to take action against corrupt employees and cooperate with law enforcement agencies to bring perpetrators to justice. The CBI’s investigation will aim to uncover the full extent of the embezzlement scheme and ensure that those responsible are held accountable.