Bhubaneswar: An LIC agent of Puri district was today arrested by the Economic Offences Wing (EOW) of Odisha Crime Branch for allegedly siphoning off Rs 1.81 crore by availing financial benefits in the name of four dead persons.
The accused identified as Kabiraj Behera of Jhadakata under Kanas police limits in Puri has been booked under Sections 420, 467, 468, 471 and 120-B of IPC. He will be produced before Khordha SDJM court later in the day.
On October 5, the authorized officer of LIC of India, Khordha Branch lodged a complaint with the EOW alleging fraudulent death claims perpetrated by Kabiraj in conspiracy with nominees of deceased persons.
During investigation, it was revealed that the accused, who has been working as LIC agent since 2003, managed to get 23 LIC policies fraudulently between 2013 and 2019 in the names of four dead persons, showing them as alive. And three to five years after, the accused managed to get fake death certificates in the names of insured persons.
Using the fake death certificates, Kabiraj applied for death claims in favour of the nominees in the LIC Branch Office, Khordha in a bid to avail financial benefits/death claims against those 23 policies.
While the insurance policies were taken subsequent to the actual death of insured persons, premium was being paid regularly.
“In all the policies, the sum assured were kept less than Rs 10 lakhs, which comes well within the financial power to settle the death benefits by the Branch manager, without referring to the Divisional Office. But the total amount of claims raised by the nominees of 23 policies through the accused was more than Rs 1.81 crore, and against five policies, the LIC of India had released payments,” the EOW said in a statement.
Later, the house of the accused was searched and many incriminating documents pertaining to the death claims were seized. Besides, few papers containing the purported full signatures of the Ghost Policy Holders were seized from the possession of the accused.
Further investigation is underway to ascertain if nominees/applicants if the 23 policies and LIC officials are involved in the scam. Further, it is under verification whether the accused has done more such frauds, the statement read.