50 year old K. Shivram Shenoy was found guilty of fraudulently encashing two LIC policies
The second Chief Judicial Magistrate AG Shilpa, 50-year-old K. Shivram Shenoy has been sentenced to 42 months rigorous imprisonment after finding him guilty of encashing two LIC policies.
Senior Assistant Public Prosecutor B. Mohan Kumar said that Mr. Shenoy included his name as a nominee in two policies of his wife Sumana Shenoy. He then submitted them to the LIC office at KS Rao Road in Mangaluru along with a fake certificate stating that Ms. Sumana had died on August 20, 2008. He received a check for ₹ 3.96 lakh from LIC, which he deposited in a joint account. Organized by him and Bharathi alias Bhagyalakshmi at Mangaluru Cooperative Town Bank branch in Basal.
Following a complaint by Ganesh Kamath, chief manager of LIC branch, Mangaluru North police registered a case against Mr Shenoy, Ms Bhagyalakshmi and LIC agent Ram Kulai. The then Inspector B. Cheluvaraju filed a charge sheet against the accused under sections 420, 465, 468 and 471 of the Indian Penal Code.
As Ms. Bhagyalakshmi could not be traced, the magistrate split the case, and prosecuted Mr. Shenoy and Mr. Kulai. The case against Mr. Kulai ended after his death.
The magistrate sentenced Mr Shenoy to rigorous imprisonment for 42 months and a fine of ₹10,000 for each offense punishable under sections 420 and 468 of the IPC. He was sentenced to 18 months’ imprisonment and a fine of ₹10,000 for the offense punishable under section 465, and six months’ imprisonment and a fine of ₹10,000 for the offense punishable under section 471 of the IPC. All the sentences will run concurrently.
Out of the total fine amount of ₹40,000, the magistrate ordered Sumana Shenoy to pay ₹30,000 as compensation.
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