In the case of M/s Reliance General Insurance Pvt. Ltd. (RGIPL) and M/s Trinity Reinsurance Brokers Private Limited (TRBL), the Directorate of Enforcement (ED) has temporarily attached immovable and movable properties valued at Rs 36.57 Crore. These properties are related to the fraudulent awarding of a tender of a Mediclaim insurance policy for J&K government employees, PSU employees, and pensioners to M/s Reliance General Insurance Pvt. Ltd. by the Finance Department of J&K in collusion with M/s Trinity Reinsurance Brokers Limited (Insurance Broker).
The ED commenced an investigation based on a formal complaint filed by the Government of UT of J&K against M/s Trinity Reinsurance Brokers Limited, M/s Reliance General Insurance Company Limited, and unidentified public servants and private individuals. The complaint was based on a formal complaint filed by the CBI, ACB, Srinagar for the commission of offences under various sections of the RPC (Pari-Materia to sections 120-B & 420 of IPC) and JKPC (Pari-Materia to sections 13(1)(d) read with 13(2) of PC Act).
The findings of the ED investigation showed that the Finance Department of the Government of J&K purposefully awarded the contract to M/s TRBL without meeting the necessary eligibility requirements, for the purpose of hiring an intermediary (an insurance broker) to design, flog, and implement the aforementioned Health Scheme for Government Employees & Pensioners of J&K.
Furthermore, even though the aforementioned insurance company had little presence in the state of J&K and the bare minimum experience required by the said tender, during the specified period, it was awarded the tender for the engagement of an IRDAI registered insurance company through M/s TRBL. The insurance company in question had already been blacklisted by the Chhattisgarh government. Thus, the aforementioned entities received the illegal disbursement of Rs 63.53 Crores. Out of the aforementioned sum, M/s RGIPL has paid out about Rs. 17 crore in medical claims.
In the name of M/s Globus Trade Links Pvt. Ltd., a subsidiary of M/s TRBL, and FDRs to the extent of ₹ 32.53 Crore, belonging to M/s Reliance General Insurance Pvt. Ltd., ED has attached land valued about ₹ 4.04 crore. Additional research is currently being conducted.
