CBI starts probe against top officials of LIC

In fresh trouble for Life InsuranceCorporation of India , the CBI has initiated a probe against its managingdirector TS Vijayan for allegedly misusing his official powers to favourcorporate firms.

"A Preliminary Enquiry (PE) has been registered andprobe is being conducted against Vijayan, Thomas Mathew, another managingdirector and two senior executives of LIC for alleged misconduct whileinvesting LIC money in public issues or borrowings of other companies," asenior CBI official said.

Efforts to contact a spokesperson of the LIC failed as therewas no response from his office and his mobile phone was switched off.

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 IPOsof 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 areexamining them," the CBI official said.

The other LIC executives named in the PE are the thenExecutive Director (Investments) N Mohan Raj and Chief (Investment) BVenugopal.

Efforts to contact Raj failed as his office maintained thathe was in a meeting.