Former Insurance Executive Sentenced for Multi-Crore Fraud Scheme

In a significant ruling, a Thane court sentenced Ravikiran Joshi, who previously held a managerial position in a life insurance firm, to two years of rigorous imprisonment. Joshi was found guilty of cheating individuals of over Rs 3.51 crore through fake stock market investment schemes promising high returns.

The verdict, delivered by Special Judge D.R. Deshpande of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act Court, cited evidence that Joshi violated sections 420 and 406 of the Indian Penal Code, and Section 3 of the MPID Act, 1999. The court also levied a fine of Rs 1 lakh.

Between 2015 and 2021, Joshi exploited his position with a major life insurer to entice retail professionals and colleagues, promising monthly returns of 10 to 15 percent. A key victim was a manager at a mobile retail store, who lost Rs 1.38 crore through cash and products obtained on credit.

In its judgment, the court highlighted the misappropriation of investors' funds, noting the diverted resources into Joshi's private accounts instead of the promised stock market investments.

(With inputs from agencies.)