Insurance company officer sentenced to 10 years RI for misappropriating ₹5.3 crore

A CBI Special Court in Dharwad has convicted Administrative Officer (Accounts) of Oriental Insurance Co. Ltd., Divisional Office, Dharwad, T. Pradeep after finding him guilty in a case of misappropriation of ₹5,30,00,000 and sentenced him to undergo rigorous imprisonment for 10 years.

In the case dating back to 2013-14, the CBI Court has found him guilty of criminal breach of trust, cheating, forgery and abusing official position as a public servant. It has imposed a fine of ₹52 lakh on him.

In the chargesheet filed on November 17, 2015, the CBI said that the accused was duped in a cyber fraud case during 2013. The accused was made to believe that he had won a lottery in England. Falling into the trap, the accused transferred amount from his savings account and also the amount borrowed from his friends for encashing the lottery prize.

Later, the accused was made to believe by the fraudster that a parcel has come to Delhi and reached the Customs office at Delhi Airport. To release the parcel, he was asked to pay an additional amount to different accounts in a north-east State.

The accused subsequently transferred a total amount of ₹5,30,00,000 through RTGS for the period July 2, 2013 to March 26, 2014 by using his personal net banking facility through different accounts that were not at all connected with the business of the company.

During investigation, it turned out that the accused manipulated and altered the monthly bank statement of the company’s account at Dena Bank, Dharwad.

It was alleged that Pradeep dishonestly and fraudulently misappropriated the funds of the company to the tune of ₹5,30,00,000 by violating guidelines.

In this case, the prosecution examined 66 witnesses and produced 350 documents to prove the charge.

On Monday, CBI Special Judge, Dharwad, Zareena issued an order convicting the accused and awarding the sentence.

Senior Public Prosecutor Shivananda Perla argued the case on behalf of the CBI and the ACB, Bangalore.

Delivering the verdict, the court has also observed that economic crimes will not be viewed sympathetically. They shall be viewed deterrently and hence, the maximum punishment has been given to the accused.