Archive · 1 Oct 2026
Former LIC Assistant Gets 10 Years in ₹6.37-Crore Fraud
A court in Lucknow found a former LIC employee and three private people guilty of fraud.
The court said fake documents were used to move LIC money.
The money was allegedly taken using fake or nonexistent policyholders’ names.
LIC’s reported loss was about ₹6.37 crore.
Pankaj Saxena was sentenced to 10 years in prison.
The three private individuals were each sentenced to three years.
Saxena was also fined ₹5 lakh, while the others were fined ₹1.25 lakh each.
In a separate case, the CBI arrested a Western Coalfields official accused of demanding a ₹50,000 bribe.
The alleged bribe concerned payment for work to improve drinking-water facilities at a rehabilitation site.
A Lucknow CBI court sentenced former LIC Higher Grade Assistant Pankaj Saxena to 10 years of rigorous imprisonment.
Three private individuals—Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena—received three-year prison terms.
The fraud allegedly diverted approximately ₹6,37,66,660 from LIC between February 2006 and August 2010.
The CBI said forged vouchers and cheques were prepared using names of fake or nonexistent policyholders.
In a separate case, the CBI arrested a Western Coalfields senior overseer over an alleged ₹50,000 bribe demand.
- Who
- Former LIC assistant Pankaj Saxena and private individuals Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena were convicted; the Central Bureau of Investigation investigated the case.
- What
- A CBI court sentenced Saxena to 10 years’ rigorous imprisonment and the three private accused to three years each for an LIC fraud involving approximately ₹6,37,66,660.
- When
- The alleged fraud occurred from February 2006 to August 2010; the case was registered on August 13, 2012, and the convictions and sentences were announced on September 30.
- Where
- The fraud involved LIC’s Transgomti Branch in Jankipuram, Lucknow; the separate bribery case concerns Western Coalfields Limited’s Umred Area.
- Why
- The accused allegedly conspired to prepare forged payment vouchers and cheques in the names of fake or nonexistent policyholders and divert LIC funds.
- LIC loss
- Approximately ₹6,37,66,660
- Main convict
- Pankaj Saxena, then a Higher Grade Assistant at LIC’s Transgomti Branch
- Main sentence
- Ten years’ rigorous imprisonment and a ₹5 lakh fine
- Other sentences
- Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena each received three years’ imprisonment and a ₹1.25 lakh fine
- CBI timeline
- Case registered August 13, 2012; charge sheet filed August 21, 2014
- Separate bribery case
- A Western Coalfields Limited Senior Overseer (Civil) was arrested over an alleged ₹50,000 demand linked to a ₹25,35,693 bill
