A CBI court convicted a former employee of the Life Insurance Corporation of India (LIC) to five years of rigorous imprisonment in a fraud case, here on Wednesday.
Third Additional Special Judge G. Satya Prabhakara Rao pronounced the judgment convicting Dharavathu Sakru, then Higher Grade Assistant at LIC’s Jaggaiahpeta branch in Krishna district, and slapped a fine of ₹30,000 on him.
CBI officials said that Sakru fraudulently prepared and issued cheques amounting to ₹77.19 lakh to 12 persons, who then encashed the cheques and misappropriated the money, causing wrongful loss to LIC and wrongful gain to themselves.
Sakru committed the crime by colluding with the 12 persons and abused his position as the custodian of the cheque books, officials said.
After completion of the trial, the CBI court convicted Sakru under Sections 420, 409, 467, 468 & 477-A of the Indian Penal Code and Section 13(2) read with 13(1)(d) of the PC Act, 1988, and ordered that sentences imposed on the accused shall run concurrently. However, eleven other accused persons in the case were acquitted due to lack of evidence.
