Bhubaneswar: A petition has been submitted to the RBI Governor, IRDAI Chairman and SEBI Chairperson seeking action in the ‘2008 TAPKY Grief Ghotala’ allegedly by the nexus of regular Army officers on secondment to the Territorial Army with secondary liability for command and administrative duties.
In the petition, Lieutenant Colonel Shivender Kumar Pandey, the advocate of Bhubaneswar-based Major Shiraz Ahmed (Disembodied) presently posted with the 153 Infantry Battalion (TA) Dogra, stated that the foundation of ‘2008 TAPKY GRIEF GHOTALA’ was laid by Major General Kanwar Vijay Singh Lalotra (Now retired), then ADG TA, Territorial Army Directorate. Lalotra allegedly forcibly introduced and brought to force ‘Territorial Army Pariwar Kalyan Yojna (TAPKY)’ private term insurance with a one-time single premium investment scheme, over and above duly constituted preexisting Territorial Army General Insurance Fund (TAGIF).
That, one-time single premium investment amount, for assured return on death/disability of the insured investor, through TAPKY private term insurance and one-time single premium investment scheme, was orally ordered to approximately 40,000 Territorial Army personnel for mandatory & forced subscription.
The one-time single premium investment amount for JCOs and ORs of the Territorial Army was Rs 1,500 for an assured return of Rs 1 lakh on the death, disability, and maturity of the insured investor.
Similarly, the petitioner stated that the one-time single premium investment amount for officers of the Territorial Army was Rs 2,500 for an assured return of Rs 2 lakh on death, disability, and maturity of the insured investor.
The 100% strength of the Territorial Army (40,000 soldiers) was forced by the nexus of these regular Army officers, on forced secondment to the Territorial Army, to invest in TAPKY. No information about sanction of this scheme by the Government of India, RBI, IRDAI & SEBI was provided to the investors. No Offer Letter, Policy Document, Bylaws, Article of Association, Memorandum of Understanding, Locking Period, Maturity Date, Disbursement Condition about the investment and insurance scheme was provided to the investors.
No Proposal Form for subscription to TAPKY insurance and investment scheme was taken from the investors. Besides, no receipt of subscription amount or premium payment for TAPKY insurance investment was given to the investors. No Individual Statement of Accounts, Annual General Meetings, Fund State, Audited Balance Sheets, Reports and Returns, Terms for Investment with bank, return, interest accounting, TAPKY Working Committee details etc were ever shared with the insured investors.
That, in the year 2011, the same exercise was again repeated by ADG TA on secondment to the Territorial Army, with secondary liability for command and administrative responsibilities, and the subscription and assured return amounts were enhanced The entire exercise of TAPKY Term Insurance and One-Time Single Premium Investment Scheme was forced upon the Territorial Army personnel allegedly by Major General KVS Lalotra (Retired) to establish career of his near family member as Investment Banker and Fund Manager in 2008. odishaconnect.com