Special Judge N K Kaushik sentenced former DM Rajesh Kumar Kohli of the National Insurance Company Limited and owner Ashok Kumar of a fake firm Santoshi Chemicals to four years in jail.
The court also sentenced insurance firm's surveyor Pramod Kumar Gupta and recovery agent Rakesh Modgil to three and half years each in jail.
The court also imposed a fine of Rs 2 lakh on Kumar, stipulating that the same will be payable as compensation to the NIC, if recovered from him.
According to the CBI, the four had entered into a criminal conspiracy in 1997-98 to cheat NIC of Rs 1,61,500 by inducing it to sanction the false insurance claim of non-existent firm Santoshi Chemicals.
Kumar had obtained an insurance policy for transit of 150 gunny bags of an acid from Mumbai to his fake firm in Delhi, the prosecution said adding he later filed an insurance claim saying the bags were drenched in rain and all the goods were destroyed.
The prosecution, however, added that no such order had been placed by Kumar and transporting firm Shree Durga carriers too was a fake one. (More)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app