Firm's ex-CEO to pay ₹60 cr on admitting fraud after 12 yrs
The former CEO of insurance firm American International Group, Maurice "Hank" Greenberg, has admitted to taking part in orchestrating fraudulent transactions to make the firm's financial condition look better than it was. Greenberg will pay about $9 million (₹60 crore) to settle the charges that were first brought in 2005. Further, former AIG CFO Howard Smith will also pay $900,000.