CBI probes ICICI Lombard for alleged fraud

CBI on Wednesday registered a Preliminary Enquiry (PE) against ICICI Lombard for allegedly colluding with officials of Rajasthan government and Union Agriculture and Textiles ministries and pocketing claims of non-existing farmers and artisans.

In the first case, CBI registered a PE against unknown officials of ICICI Lombard, Rajasthan and Union Agriculture ministries for allegedly entering into a criminal conspiracy and forging documents to seek insurance cover under the ‘weather-based crop insurance scheme’ by the government, official sources said.

According to the scheme, ICICI Lombard used to insure crops in which the farmer had to pay 20 per cent of the sum of the premium where as remaining 80 per cent of money was shared by Rajasthan Agriculture department and Union Agriculture Ministry.

The CBI alleged that officials of the insurance company made ‘bogus enrolment’ of nearly 2,100 farmers to secure 80 per cent share of government thereby causing loss to the exchequer, the sources said.
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