In the more than 20-year-old IFFCO bribery case, INLD leader and former Haryana Assembly Speaker Satbir Singh Kadian was today fined Rs. 50 lakh and given a seven-year prison sentence by a special court.
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In addition to Kadian, 66, special CBI judge Jitendra Kumar Mishra also sentenced to seven years in prison Vinayak Narayan Deosthali, 64, an IIT graduate who served as UCO Bank’s deputy director (funds), Anil Kumar Malhotra, 65, and Sunil Goravara, 70, a former senior director (deposits) of the bank.
In addition, the court sentenced Karuna Pati Pandey, 84, a former senior manager (cashier) of UCO Bank, to two years in prison due to his advanced age, the fact that he was in need of money, and the fact that he had only committed one mistake or infraction during the course of the trial.
The most important fact in this case is that Convict No. 1 (Kadian) was the Speaker of the Haryana Assembly, perhaps after committing the crime, and is an elected official representing the people in his constituency. Additionally, he has a responsibility to uphold state loyalty, as do the other prisoners, or else the state’s integrity will be compromised.
Kadian was the chairman of IFFCO, and he ought to be pleased that people took him seriously given that, by his own admission, the position was a political one. But rather than doing so, he joined forces with other prisoners to plan a criminal scheme by Harshad Mehta (the accused is deceased),” the document stated.
The court refused to be kind with Kadian, stating that he was an example for the entire nation, including Haryana, and that if such people were given light punishment, it would lower the spirit of the whole country.
The CBI claims that between February and April 1991, while serving as chairman of Indian Farmers Fertilizer Cooperative Limited (IFFCO), Kadian invested Rs. 32.90 crore, a surplus money of IFFCO, at an overvalued rate of interest, resulting in approximately Rs. 15 crore in losses for the company.
The money was dishonestly and fraudulently transferred to the personal account of accused stockbroker Harshad Shantilal Mehta through his representative in Delhi in a transaction worth four million rupees that was supposed to be invested in UCO Bank in New Delhi, according to the statement.
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