Two of the accused have been sentenced by a Special CBI court in Lucknow to five years of rigorous imprisonment and a fine of 12 lakh each in cheating the life Insurance Corporation of India (LIC), as per an official statement of the Central Bureau of Investigation.
The guilty people are known as Braj Kumar Pandey and Manish Kumar Srivastava. It was sentenced on December 24, 2025. The court in its order found both the accused guilty of their contribution in a long standing fraud that resulted in the massive loss in money by LIC.
According to the CBI, the alleged offence of the case was that Pradeep Kumar Pandey whilst on employment in the Career Agents Branch (CAB) of LIC, Gorakhpur, as a Micro Processing Operator, between November 2001 and April 2003, had entered into a criminal conspiracy with others to steal money/defraud the insurer. The investigators discovered that he had abused the use of official passwords of the branch officials to access LIC internal systems.
Fraudulent payments were created concerning 20 insurance policies by the creation of fictitious policy master record and provision of fabricated error under the Salary Saving Scheme. By this approach, LIC lost 15 22 689, and the accused illegally took advantage of the scam.
After extensive investigation, in January 1, 2007, the CBI charged Pradeep Kumar Pandey and five civilians namely Braj Kumar Pandey, Manish Kumar Srivastava, Pankaj Kumar Rawat, Amar Nath Pandey and Dhananjay Kumar Upadhyaya.
The court found Braj Kumar Pandey and Manish Kumar Srivastava guilty after the trial and sentenced them to five years of imprisonment and a fine of 12 lakh apiece. Two other accused accused namely, Pankaj Kumar Rawat and Dhananjay Kumar Upadhyaya were however acquitted because strong evidence was not found.
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