The Central Bureau of Investigation (CBI) has registered a cheating and criminal conspiracy case against six persons, including three senior officials of New India Assurance Company Limited (NIACL). It is alleged that the government officials had misused their position and had caused loss of Rs 45.16 lakh to NIACL during their tenure. According to the CBI, reliable information was received by them that during the period of April 2013 to September 2016, the then officials of NIACL, having its office in Powai, allegedly abused their official position in as much as they entered into a criminal conspiracy with a broker and two brokering firms. "The object was to cheat the NIACL by payment of commission to brokers without producing the written mandate of the insured before the Company, which is mandatory as per Insurance Regulatory and Development Authority (IRDA) Guidelines. The total brokerage of Rs 45.16 lakh was paid fraudulently to the two brokering firms without producing the mandate of the insured," said a CBI official. "At least three branch managers of NIACL then were involved. Some of them have either retired or have been transferred," the official said.

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