Presentation of evidence by New York Attorney General Eliot Spitzer to a New York grand jury may lead to indictments at the world’s No.1 insurer American International Group Inc., according to Bloomberg.

The jury is now investigating the possibility of criminal conduct at AIG with the possibility of indictments. AIG said last month that improper transactions damaged its net worth.

AIG Senior Vice President Joseph Umansky also testified in exchange for immunity from charges, Bloomberg said.

AIG was subpoenaed by the Securities and Exchange Commission and New York Attorney General Eliot Spitzer in February due to the improper transaction that could inflate the net worth. In March, AIG’s Chairman and Chief Executive Officer Maurice ``Hank’’ Greenberg was ousted after he refused to cooperate with the investigation and testify in the case.

Despite Spitzer’s April 11 announcement that he would not bring the case to a criminal stage, the grand jury moved it to a criminal case with the threat for the company’s executives to testify against each other.

Spitzer declined to comment on the issue as did AIG spokesman Chris Winans, Howard Opinsky, a spokesman for Greenberg’s attorneys, and Umansky’s lawyer, Seth Rosenberg.