The investigation had allegedly shown that Patel had, from March 2007 to November 2010, issued various Group Janta Personal Accident Policies to the Directorate of Insurance, Government Insurance Fund (GIF), Government of Gujarat.The Ahmedabad CBI court on Wednesday sentenced five accused, including the ex-Divisional Manager of UIICL (United India Insurance Company Limited) Ahmedabad, to five years of rigorous imprisonment with a total fine of Rs 5.91 crore in a case related to a fraudulent payment of insurance brokerage.The convicts are ex-Divisional Manager of UIICL Ahmedabad Madhusudan Patel, Managing Director of Ivory Insurance Broker Pvt Ltd Pankaj Gupta, and Director of Safeway Insurance Broker Pvt Ltd Inderjot Singh, along with the two private firms themselves.As per a press release from the CBI, the agency had registered a case against the accused on February 6, 2012, on allegations of issuing various policies related to insurance that caused losses to the state government exchequer and financial gains for the accused.The investigation had allegedly shown that Patel had, from March 2007 to November 2010, issued various Group Janta Personal Accident Policies to the Directorate of Insurance, Government Insurance Fund (GIF), Government of Gujarat.Patel allegedly issued these insurance plans under the Brokers Code of Ivory Insurance Brokers and Safeway Insurance Brokers by using his own user-ID and password. The Gujarat Insurance Fund (GIF) hence placed the plans directly with the UIICL and did not give any mandate letter to the brokers, which means they were unauthorised.© The Indian Express Pvt LtdTags:Surat