The Central Bureau of Investigation(CBI), the country’s premier investigative agency, has filed an FIR on May 30 against two insurance brokers Prudent Insurance Brokers and Salasar Insurance Brokers and Dharam Sharma for criminal conspiracy, cheating and fraudulently appropriating commission in a transaction with the New India Assurance(NIA).
The FIR filed by CBI’s senior superintendent of police Jayant Nalknavare, investigated by Sachidanand , a deputy superintendent of police,has slapped charges against alleged accused under 420 of IPC and 120(b) along with 13(2) & 13(1) (d).
The FIR has charged that these brokers conspired with the NIA officials to misappropriate commission without producing the mandate of the customer while placing the deal with the insurer,which is mandatory as per IRDA norms.
According the FIR, the NIA had issued policies for a premium of Rs 24 lakh to cover assets worth of Rs 1967 crore) of Etisalat DB Telecom Private Ltd, now defunct, for covering fire, public liability and burglary risks of the company and the premiums were booked under the broker’s codes.
The CBI has said these fraudulent transactions have happened between Mar 2013 to Mar 2016.
“The fraudulent acts of brokers amount to misleading the insurer and misrepresenting the customer for wrongful gains,’’ said CBI sources.
The CBI has already raided the office of Prudent insurance Brokers and have seized documents from the broker’s office.
The NIA also has taken the matter seriously and is probing the conducts of the brokers in the other matters as well.Similarly, other general insurers are now cautious and concerned about this kind of intermediaries and transactions, said industry sources.
Though, earlier IRDAI has taken punitive actions against insurance brokers on non-criminal charges, this the first time that the two insurance brokers have come under CBI scanner for criminal cases.