Bogus agent dupes LIC branches in Vidarbha

Bogus agent dupes LIC branches in Vidarbha
EXPRESS NEWS SERVICE

GONDIA, MARCH 8: Pretending to be an agent, a trickster allegedly swindled some branches of the Life Insurance Corporation (LIC) in Vidarbha to the tune of Rs 10 lakh. Apparently, he is well-versed with the insurance and banking sectors' functioning and may have cheated some banks as well. Surprisingly, LIC authorities are said to be keeping mum about the whole affair instead of initiating action in this regard.

Apparently, the accused took advantage of the eagerness of LIC officials to get some business. Besides agents, development officers and doctors who issued medical certificates could have unknowingly aided the trickster. He exploited loopholes in the insurance business to get his work done.

In the insurance industry, agents doing roaring business are always honoured.On the basis of their turnover, LIC agents are allotted memberships of various clubs, namely branch managers' club, divisional managers' club and chairmen's club, the last mentioned being the most prestigious. These members are given special powers such as the authority to attest certificates and documents as far as LIC is concerned. When these members visit various LIC offices, they are given some privileges. The trickster appears to be well-versed with these 'norms'.

Introducing himself as a member of the chairmen's club of a branch in Madhya Pradesh, he befriends agents or development officers at any branch where he intends to weave his web of deceit.

In due course, he initiates the transfer of some insurance policies to thisbranch from some other branch. As this trickster 'has the authority to attest documents', the papers are accepted without serious verification, more so because the branch where the papers are transferred has to make an entry on the credit side and not the debit one.

After some time, the transferred policy-holders apply for loans. While doing this, they have to submit their original policy certificate(s). Here, it appears that the bogus agent might have stolen some policy certificates or got them printed.

While the application is being processed, he applies for a new policy and gets one of his agent friends to open the policy. It is given to understand that payment for the new policy would be made from the loan amount.

Keeping his commission in mind, the agent follows-up the case diligently and ensures that the loan is cleared, only to discover the deceit.

According to his victims, the impostor introduces himself as Medhani. The visiting cards, letterheads and policies produced by him have turned out to be bogus. All these policies are 'transferred' from MP suggesting that he might have access to stationery at some branch or branches of the LIC in that state.

LIC's divisional office in Nagpur has got wind of the misappropriation and a special cell has been opened to probe into the matter. However, the inquiry has been proceeding at a snail's pace.

It is a mystery as to how the trickster managed to hoodwink LIC authorities as many of the branches are computerised. The latter could check authenticity of the policies against which loans are sought within a few hours. Shockingly, in some cases, loans have been taken on defunct policies.

Criticising LIC's mum's-the-word policy, experts feel it should apprise the police, mediapersons and policy-holders about the modus operandi of the bogus agent to prevent an encore.