HYDERABAD: The Economic Offences Wing (EOW) of the Cyberabad Commissionerate registered a case against a 43-year-old former employee of the Insurance Regulatory and Development Authority of India (IRDAI) for alleged cheating and misappropriation of funds amounting to Rs 5.3 crore. The complaint was filed by general manager Deepak Khanna against assistant manager (administration) BH Suryanarayana Sastry on August 22. The statutory body had suspended him on August 21.
The police were informed that Suryanarayana Sastry’s role was to receive invoices and process payments to vendors engaged by IRDAI. The investigation revealed that invoices processed by him were tampered with and funds were diverted to multiple individual accounts. When questioned about certain transactions, he admitted diverting funds and committing financial misconduct.
The complainant said that the recipients of these diverted funds appeared to have colluded with Suryanarayana Sastry. They include Bommakanti Sravanthi, K Narasimha Murthy, Venkata Satya Ratna Valli Kasara, Padmaja, and others.
Suryanarayana Sastry has been suspended from service until further notice, and disciplinary proceedings have been initiated under the IRDAI Staff (Officers and Other Employees) Regulations, 2016.
“As per preliminary internal findings, approximately Rs 5.3 crore was diverted to accounts not belonging to vendors providing services or supplies to IRDAI,” the general manager said in his complaint to the police.