A special CBI judge here has sentenced to Sahdev Kumar Butolia, former administrative officer (D.) of Jaipur branch of the National Insurance Company Limited (NICL) to four-year rigorous imprisonment and a fine of Rs 26 lakh for fraud in issuing policies and causing loss of Rs 27.40 lakh.
The CBI had registered a case on June 24, 2015 on the charge that the NICL, Branch Office-VI, Jaipur received three cheques from SBBJ (Now SBI), Momasar for issuance of insurance policies to its customers.
Sahdev Kumar Butolia had deposited the cheques with NICL, BO-VI, but in place of issuing policies in the name of SBBJ (Now SBI), Momasar customers, he used the SBBJ, Momasar amount for issuing insurance policies for other persons who had no relation with SBBJ, Momasar.
An alleged loss to the tune of Rs 3,75,571 was caused to NICL. During investigation of the case many more instances were found in which total loss of Rs 27.40 lakh (approximately) was caused to NICL. After investigation, 13 separate charge sheets were filed against the accused in the Competent Court. The Trial Court found the accused guilty and convicted him recently, a CBI release said here on Thursday.