LIC agent held for fraud

The Economic Offences Wing (EOW) of the Mumbai Police Crime Branch has arrested a Life Insurance Corporation (LIC) agent, who allegedly used forged documents to try and pocket a commission of Rs 1.6 crore.

EOW officers said Chetan Desai (59), has been an authorised LIC agent for the past 35 years. For the past three years, he was handling the policy transactions of a diamond trading company, Star Gold Diamond, based in Seepz, Andheri, police said.
“In 2011, the company bought a group policy of Rs 5 crore for its 305 workers.

Desai got a 35 per cent commission on the total amount. The rules also said every time the policy is renewed, Desai would get a five per cent commission. He got a five per cent commission in 2012. In 2013, he hit upon the idea of showing it as a fresh transaction ,” said Assistant Commissioner of Police (EOW) Vasant Dhoble.

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