The Enforcement Directorate (ED) of India has launched court proceedings, under the country’s AML/CFT law, against a higher-grade assistant in the Life Insurance Corporation (LIC), Jaggaiahpet branch. The charges against the accused are criminal conspiracy, criminal breach of trust by public servant, cheating, forgery, using forged documents as genuine and criminal misconduct.
ED began a money laundering investigation after receiving a report from the Central Bureau of Investigation (CBI) against the defendant. The accused illegally diverted LIC funds to the accounts of his acquaintances by using checks and demand drafts in their names. This scheme led to a loss of ₹17.7 million ($220k) to LIC.
The accused is presently imprisoned for a period of five years based on sentencing in the predicate case.
Source: Enforcement Directorate, India