Lucknow, October 1, 2026 (Yes Punjab News)
A CBI court in Lucknow has sentenced a former Life Insurance Corporation (LIC) assistant to 10 years of rigorous imprisonment in a Rs 6.37-crore fraud case involving forged payment vouchers and cheques issued in the names of fictitious policyholders.
The court on September 30 convicted Pankaj Saxena, a former Higher Grade Assistant at LIC’s Transgomti Branch in Jankipuram, along with three private individuals — Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena.
Saxena was sentenced to 10 years of rigorous imprisonment and fined Rs 5 lakh. The three other convicts were each awarded three years of rigorous imprisonment and fined Rs 1.25 lakh.
The CBI registered the case on August 13, 2012, following a complaint by the branch’s Chief Manager. The investigation revealed that between February 2006 and August 2010, the accused allegedly conspired to prepare forged payment vouchers and cheques in the names of fake and non-existent policyholders to fraudulently divert LIC funds.
The alleged fraud caused a loss of approximately Rs 6,37,66,660 to the corporation. After completing its investigation, the CBI filed a charge sheet on August 21, 2014. The court delivered its verdict after the conclusion of the trial.
In a separate case, the CBI arrested a Senior Overseer (Civil) of Western Coalfields Limited (WCL), posted at the Gokul Murpar Sub Area in Umred, Maharashtra, in an alleged bribery matter.
The agency registered the case on September 30 following a complaint that the officer had demanded a bribe of Rs 50,000 to release payment against a contractor’s third bill of Rs 25,35,693.
The contract involved constructing two borewells and installing submersible pumps, a main line and a distribution pipeline to provide drinking water at the rehabilitation site of Pirwa village.
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