Bhopal: Court convicts ex-development officer of NIACL for fraud

Bhopal(Madhya Pradesh): Special CBI court convicted the then development officer of Mandideep branch of New India Assurance Company Limited (NIACL) in a case pertaining to financial irregularity reported in year 2011. The court awarded him three-year Rigorous Imprisonment under various sections.

Special Judge of CBI Court Bhopal Rajendra Kumar Rajendra Kumar Sharma passed order convicting the then development officer of Mandideep branch of New India Assurance Company Limited Sanjeev Kumar Yadav of causing a loss of Rs 27 lakh to the company. Police had booked Yadav along with two agents Mamta Gupta and Nitin Saxena under Section 120B, 420, 467, 467, 471 of the IPC.

MP State Co-operative Marketing Federation (MARKFED) had invited tenders in 2011 for insurance of food grains. In the tender, among other conditions, there was also a condition that no agent, sub-agent, broker or intermediary could participate on behalf of the insurance company. The insurance company could directly participate in the tender. Three insurance companies put their offers in the tender.

Going against the norm, Yadav, who was then NIACL’s development officer at Mandideep branch also participated in the tender. The tender was opened by Markfed, the lowest rate for 3, 6, 9, 12 months insurance in the tender was received from Mandideep branch of NIACL and so their offer was accepted.

The cheque for payment of premium for the insurance policy was given to Yadav.

Yadav concealed the terms of the tender from NIACL and entered into a criminal conspiracy with Mamta Gupta and Nitin Saxena, agents working under him to get the tender.

CBI after investigation found that accused concealed this from NIACL and obtained commission. The accused benefited themselves by causing loss to NIACL to the tune of Rs.27,46,616/- approximately.