Chennai: Insurance officer booked for fraud

Chennai: Oriental Insurance Company’s official was booked by Anti-Corruption Branch (ACB) of Central Bureau of Investigation (CBI) on charges of wrongful gain of over Rs 19 lakh by way of selling forged policies to clients in Villupuram district, on Monday.

The accused identified as A. Gnanaraj was working as administrative officer (marketing) at the branch office in Kallakurichi. The suspect had issued as many as 30 motor insurance policies for his clients as genuine and had used the said proceeds for his personal gain.

Seven of such phony policies were issued to a private educational institution represented by its principal. A complaint was preferred by regional manager R. Balakumar with the ACB on December 14 and is based on the interim report filed by the firm’s vigilance probe.

“It was given to understand by our vigilance officer that Gnanaraj has issued fake policies by using PDF editor and Word document formats,” read the complaint.

The complaint also stated that the job profile of the suspect is to procure premiums in a manner so as to achieve balance portfolio with special emphasis on profitability. “He will have to recruit a minimum of 10 new direct agents every year and has to mentor and nurture them besides achieving the target stipulated. Also procure the minimum amount of premium from rural areas and cover a minimum number of lives in (various) social sections.

Apart from this, his responsibilities are to supervise Class 2 employees/ direct agents wherever needed and provide them guidance and monitor their performance. To provide service support for bancassurance (selling of life assurance and other insurance products and services by banking institutions). and other tied business as also timely submission of marketing returns,” the complaint stated. There could be more such fake insurance policies to have been issued by the suspect is yet another apprehension made in the complaint.