LIC officer booked by ACB for embezzlement of Rs 43.80 L

PANAJI

A Life Insurance Corporation (LIC) officer has been booked by the Anti Corruption Branch of the Central Bureau of Investigation (CBI) Goa for allegedly siphoning off Rs 43.80 lakh in premium payments over a span of seven months.

A case has been registered against Gajendranath Rataboli, an Administrative Officer in the Pension and Group Scheme Unit of LIC’s Panaji branch, for misappropriation of funds, criminal conspiracy, breach of trust, destruction of evidence, abetment, and criminal misconduct by a public servant. Two others, Nitesh Naik and a local wine store owner, along with unknown persons, have also been booked in connection with the fraud.

According to the complaint filed by a branch official, Rataboli entered into a criminal conspiracy with the co-accused and dishonestly diverted LIC funds into third-party accounts. These funds were then transferred back into his own account or retained by his recipients.

The CBI has documented seven suspect transactions made between July 2023 and January 2024. These included amounts of Rs 2.90 lakh, Rs 4.90 lakh, Rs 3.95 lakh, Rs 4.95 lakh, Rs 13.90 lakh, Rs 9.75 lakh and Rs 3.45 lakh; all totalling Rs 43.80 lakh.

Three of the beneficiaries returned the funds to the LIC branch the day after the irregularities were detected, but others have been named for further investigation.

“During internal inquiry, it was revealed that the said beneficiaries are not part of any LIC group insurance scheme,” the complaint stated. It further alleged that Rataboli attempted to tamper with financial records and other documents maintained by the pension unit in Panaji. “The net monetary loss to LIC due to his actions is assessed at Rs 30 lakh,” it said adding that though the officer subsequently refunded the full amount to LIC, the CBI has proceeded to register an FIR given the serious nature of the offences committed.