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The Insurance Regulatory and Development Authority of India (IRDAI) has taken strict action against one of its junior officials. The officer, Suryanarayana Sastry, an Assistant Manager, has been suspended on charges of financial misconduct.
According to sources, there are allegations that Sastry was involved in embezzling funds worth ₹18 crore.
The suspension order was issued on August 21. In the order, it was mentioned that Sastry himself has admitted to the financial wrongdoing. However, the order does not provide any specific details about the exact nature of his misdeeds.
This marks the first instance where the regulator has formally suspended an official on grounds of financial misconduct. More details on this incident will be released soon.
Earlier also, a Female Branch Manager in PNB suspended for Loan Fraud in Uttar Pradesh. A serious case of fraud was discovered at the Punjab National Bank (PNB) branch located in the Shernagar area. A woman bank manager, posted at the branch, has been accused of cheating the bank by misusing her position and getting a
home loan of Rs 40 lakh approved using fake documents.
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