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CBI probes ICICI Lombard for alleged fraud

Mar 12 2014, 18:28 IST
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'ICICI Lombard has diligently honoured claims in the schemes despite suffering huge financial losses.' 'ICICI Lombard has diligently honoured claims in the schemes despite suffering huge financial losses.'
SummaryCBI today registered a Preliminary Enquiry (PE) against ICICI Lombard for allegedly colluding...

against premium of Rs 6.42 crore received and ICICI Lombard informed the regulator that all cheques had been distributed on individual names of farmers and not a single cheque was undelivered and all the cheque payments made were encashed by the claimants.

In another case related to health insurance, the CBI alleged that people registered under it did not even meet the eligibility criteria for receiving the benefits and were fraudulently enrolled for which the premium was taken from the government.

According to the PE, the insurance company had allegedly misappropriated at least Rs 8 crore from the Government.

The CBI claimed that no health cards were issued to the Khadi workers who did not qualify under the scheme.

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