Lucknow CBI Court Convicts Former LIC Employee, Three Others in Rs 6.37 Crore Fraud Case, Awards Up to 10 Years Rigorous Imprisonment:

The CBI Court in Lucknow on September 30, 2026, convicted four people, including a former LIC employee, in a fraud case involving the alleged diversion of over Rs. 6.37 crore from the Life Insurance Corporation of India (LIC).

The court sentenced Pankaj Saxena, then Higher Grade Assistant at LIC’s Transgomti Branch in Jankipuram, Lucknow, to 10 years of rigorous imprisonment (RI) and imposed a fine of Rs. 5 lakh.

Three private individuals Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena were sentenced to three years of rigorous imprisonment each. The court also imposed a fine of Rs. 1.25 lakh on each of them.

According to the CBI, the case was registered on August 13, 2012, following a complaint by the Chief Manager of LIC’s Transgomti Branch.

The investigation found that between February 2006 and August 2010, the accused allegedly worked together to prepare forged payment vouchers and cheques in the names of fake or non-existent policyholders. The money was then allegedly diverted from LIC, causing a financial loss of around Rs. 6.37 crore.

After completing its investigation, the CBI filed a chargesheet against the accused on August 21, 2014. The chargesheet also named certain LIC officials of the Transgomti Branch.

After hearing the case and examining the evidence presented during the trial, the court convicted all four accused and announced their sentences on September 30, 2026.