KOCHI: The CEO and Chief General Manager of Muthoot Insurance Brokers Private Limited was fired by the firm in connection with the misappropriation of Rs 11.92 crore. The fraud was committed from the amount sidelined for gift coupons given to top performing employees. Ernakulam South Police registered a case against CEO Ranjith Kumar Ramachandran and Chief General Manager Thomas P Rajan on the company's complaint. Both approached the court seeking anticipatory bail.

The accused committed the fraud at the head office on KP Vallon Road, Ernakulam. In an insurance company, coupons of Rs 10 lakh each are given as an incentive to employees who meet certain job targets. Inconsistencies in issuing gift coupons between November 2023 and 2024 came to the attention of the parent company and the fraud came to light. The duo purportedly forged documents to siphon money allotted for the gift coupon.

Gift coupons can be used to purchase essential items for employees. However, the police believe that the accused gave one lakh rupees to the shopkeeper without making any transaction and taking the remaining nine lakhs in cash.

The police will take further action only after taking the statement of the owners of the establishments where the gift coupon was purportedly redeemed. Since the fraud involved misappropriation of more than one crore rupees, the case will be handed over to the crime branch. The police said that the FIR and files with preliminary findings will be handed over to the district crime branch soon.