CBI registers cheating case against businessman, insurance officials

The Anti-Corruption Branch of Central Bureau of Investigation has registered a case of criminal conspiracy and cheating against noted industrialist and chairman of First Leasing Company Limited, AC Muthiah, former deputy general manager of United India Insurance Company Limited (UIICL), A Balasubramanian, then chief manager of UIICL, K L Kunjilwar, former managing director of First Leasing Company Limited, Farouk M Irani, and some unknown public servants.

CBI registered the case after an initial inquiry that proved manipulation of the annual reports by First Leasing Company Limited and connivance of the two leading officials of UIICL in investing Rs 15 crore in privately placed unsecured redeemable non-convertible debentures with the First Leasing Company. CBI has registered the case under IPC Sections 120 B r/w 420 and Sections 13(2) r/w 13 (1)(d) of Prevention of Corruption Act.