Mumbai: In fresh trouble for Life
Insurance Corporation of India, the CBI has initiated a
probe against its managing director TS Vijayan for allegedly
misusing his official powers to favour corporate firms.
"A Preliminary Enquiry (PE) has been registered and
probe is being conducted against Vijayan, Thomas Mathew,
another managing director and two senior executives of LIC for
alleged misconduct while investing LIC money in public issues
or borrowings of other companies," a senior CBI official
Efforts to contact a spokesperson of the LIC failed as
there was no response from his office and his mobile phone was
Although Vijayan was given a clean chit in the earlier
case, he is now accused of allegedly exposing the funds of LIC
by investing in IPOs of companies which are against the
investment policies of LIC.
"Some of the companies are Shahid Balwa`s D B Realty,
JSW Energy and JP Infratech. We have asked for all related
documents and are examining them," the CBI official said.
The other LIC executives named in the PE are the then
Executive Director (Investments) N Mohan Raj and Chief
(Investment) B Venugopal.
Efforts to contact Raj failed as his office maintained
that he was in a meeting.