A criminal writ petition – 4936/17 has been filed in Bombay High Court citing glaring serial incidences of loot of policy holder’s money, thru PONZI MLM Schemes and looting of government funds meant for the underprivileged, SC/ST’s and looting of PSU’s employee benefit funds, by various MNC led insurance companies like ICICI Lombard, Bajaj Allianz and Future Generali, under active patronage of IRDA’s officials. The connivance of IRDA becomes all the more alarming since their senior officials repeatedly been giving misleading representations at various forums in protecting the criminals and also issuing indirect directives to Police not to pursue the matter, for public show however levying some miniscule penalties of few lacs citing technical deviations by the insurance companies, whereas all evidences corroborate towards a willfully planned fraud of thousands of crores of public money.
Aghast by the ineptness of IRDA to seek an impartial probe into the alleged cheating by the above companies, victims of which are the poor people and SC/ST’s; Dr. Udit Raj Hon. Member of Parliament and also chairman of All India Confederation of SC/ST Organisation, filed a Criminal Writ Petition through Adv. Mathews Nedumpara & Associates before the Bombay High Court seeking a CBI enquiry for this mega fraud of thousands of crores.
The petition also highlights the fact of bare-faced attitude of the insurance company officials as to how they are managing officials of regulators/law enforcement agencies through bribing and providing for their sexual needs.
A brief gist of the perpetrated loot of public money by the private insurers is hereunder-
ICICI LOMBARD
The petition underlines as to how ICICI Lombard, allegedly enrolled ghost beneficiaries under the various government sponsored insurance schemes, and to hoodwink the government made some pay-outs thru opening of fake bank accounts by its agents, and pocketing the claims. The brazenness of loot by ICICI Lombard is too apparent, wherein it makes payment of fake beneficiaries but despite court’s oblique directives refuses to pay farmers accident claims in Maharashtra, which was certified for payment by the state government, rejecting them on frivolous grounds. This entire fraud was perpetrated under the benign patronage of IRDA senior members including one of their board member; who subsequently went to join as director in one of ICICI’s group companies.
Bajaj Allianz Life Insurance
In respect of Karnataka Power Corporation, their corpus of employee benefit funds, amounting to Rs. 18 crores, was fraudulently usurped by Bajaj Allianz Insurance, by selling Karnataka Power Corporation Unit Linked policies of their company in the
name of its own employees, and on being detected of the fraud, Bajaj Allianz made an assignment to Karnataka Power in the process leaked around 5 crores of the employee’s corpus.
Future Generali Insurance
As per Bloomberg Report the Italy based Generali group, which co-owns Future Generali Insurance thru web of other group companies are connected to the owners of ‘AUGUSTA WESTLAND’ charged in the Indian Choppergate scandal.
Future Generali Insurance/its Management cheated its policyholders hundreds of crores of rupees, selling them PONZI MLM schemes, disguising it as insurance product, in partnership with dubious MLM companies some of their preyed victims are tribal, petty shopkeepers/laborers. Seeking corrective action, a criminal complaint with (EOW) Mumbai, was filed in mid 2013, with evidences as to how policy-holder’s funds got siphoned by Future Generali Officials thru fake expense vouchers/purchase bills.
Conning of FDI provisions by Bharti Axa & Future Generali
Parliament enacted the FDI provisions in insurance, ostensibly keeping in view the then socio-economic conditions of India, the commercial priorities of MNC’s, the existing regulatory regime vis-à-vis the educational and financial literacy level of the larger sections of the community, their financial threshold capability, MNC’s social commitment towards the underprivileged sections of the society, their idea of inclusive growth et al, however Bharti Axa Insurance/Future Generali Insurance, hoodwinked the provisions of FDI, by creating a complex web of shareholding pattern, wherein 50% plus of FDI, was disguised to sub 26% level, through floating of overseas and inland shell Co’s in and round-tripping the FDI into their respective insurance ventures, via shell co’s in international tax havens.
Given the mega fraud, Advocate Nedumpara, has urged the Bombay High Court for an early listing and is expected to come up on 25th Jan, 2018, before Hon. J Gavai & J. Colabawala.
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