ORDER

V.K. Jain, Presiding Member

The complainant before this Commission is a cooperative bank presently under liquidation. It is alleged in para 2 of the complaint that this is a statutory obligation of the bank to get its premises as well as its employees insured and ever since it has been established the bank has been taking insurance.

2. The complainant took an insurance policy from the OP, namely, United India Insurance Co. for the period from 30.6.2004 to 29.6.2005. Though the policy was issued on 5.7.2004, it was effective from 30.6.2004. The sum insured under the policy was as under:-

3. The case of the complainant is that it suffered a loss of Rs.2,34,56,944.59 during the policy period on account of acts of fraud and embezzlement committed by its employees. The said embezzlement is alleged to have been committed by three persons, namely, the CEO of the bank – Mr. Hargovind Yadav, its Bra