A CBI court in Lucknow has sentenced former LIC Higher Grade Assistant Pankaj Saxena to 10 years of rigorous imprisonment in a ₹6.37 crore fraud case involving forged payment vouchers, cheques and fake or non-existent policyholders. Three private persons, Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena, have also been convicted and sentenced to three years of rigorous imprisonment each.
LIC Assistant Gets 10-Year Sentence
The court sentenced Pankaj Saxena, who was posted at LIC’s Transgomti Branch in Jankipuram, Lucknow, to 10 years of rigorous imprisonment and imposed a fine of ₹5 lakh.
FCRF Launches CP-FRM to Build India’s Next Generation of Fraud Risk Professionals
Prem Shankar Upadhyay, Rekha Upadhyay and Manish Saxena were each sentenced to three years of rigorous imprisonment. The court also imposed a fine of ₹1.25 lakh on each of the three private accused.
The sentencing followed their conviction by the CBI court in Lucknow on September 30, 2026.
Fraud Involved Forged Vouchers and Fake Policyholders
The CBI had registered the case on August 13, 2012, following a complaint lodged by the Chief Manager of LIC’s Transgomti Branch in Jankipuram.
The complaint alleged that between February 2006 and August 2010, the accused conspired to prepare forged payment vouchers and cheques in the names of fake or non-existent policyholders.
According to the case, LIC funds were fraudulently diverted through these forged documents, causing a financial loss of approximately ₹6,37,66,660.
CBI Filed Chargesheet in 2014
After completing its investigation, the CBI filed a chargesheet on August 21, 2014, against the accused persons, including officers of LIC’s Transgomti Branch.
The case subsequently went to trial before the CBI court in Lucknow, which convicted the four accused and awarded the sentences after concluding the proceedings.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
