(THE NEWSMAN OF INDIA.COM)
In a first-of-its-kind action, the Insurance Regulatory and Development Authority of India (IRDAI) has reportedly suspended one of its junior officials, Suryanarayana Sastry, Assistant Manager, for financial misconduct.

According to sources, serious charges of embezzlement amounting to nearly Rs 18 crore are being linked to Sastry. The suspension order, issued on August 21 and signed by Member (Distribution), makes a striking revelation—Sastry has admitted to the misconduct. Yet, the order leaves several questions unanswered, with no mention of the exact nature of his misdeed.

This development marks an unusual and rare disciplinary step by the regulator, raising eyebrows in financial circles about both the scale of the alleged fraud and the silence around its specifics.