CBI raids 11 places, recovers papers
Bhopal:MMNN:20 July 2016
CBI, raided 11 places in connection with the transfer of Life Insurance Corporations's (Lic's) Rs2.4-crore funds to a car showroom owner's account. Searches were carried out at homes and official premises of four LIC officers and Mechman Motors.
The team searched the house of LIC officer Mahesh Malviya at Ashoka Garden and seized 54 documents.
In March 2016, Lic's Maturity Payment Fund worth Rs2.4-crore was deposited in the account of Mechman Motors.
Money recovered , motive unknown
According to the CBI, the LIC recovered the amount (Rs2.4 crore) transferred to Mechman Motors's account.
Now the CBI is investigating why the Money was given to a private company in the first place.
The agency suspects that the money may have been provided on interest. Investigation is underway.