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A senior officer of the Insurance Regulatory and Development Authority of India (IRDAI) has been booked for allegedly siphoning off ₹5.3 crore from the regulatory body’s funds. The accused, identified as R Satyanarayana, a general manager at IRDAI, reportedly diverted the amount into personal and third-party accounts between 2022 and 2023 using forged documents and unauthorized transactions. The irregularities came to light following an internal audit, prompting IRDAI to lodge a formal complaint with the Hyderabad police.
A case has been registered under multiple sections of the Indian Penal Code and the Prevention of Corruption Act. The Hyderabad police are investigating the extent of the fraud and potential involvement of others. IRDAI has assured full cooperation with law enforcement agencies and reaffirmed its commitment to upholding transparency and accountability. The incident has raised concerns within the regulatory and insurance circles about internal controls and governance within financial watchdogs.
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