This story is from August 29, 2016

Ex-IFFCO chairman, others get 7 years' jail for causing loss to govt exchequer

Ex-IFFCO chairman, others get 7 years' jail for causing loss to govt exchequer
<p>Representative image<br></p>
PUNE: The special judge, CBI cases, Karkardooma, Delhi has sentenced Satvir Singh Kadian, then chairman, IFFCO to undergo seven years simple imprisonment with fine of Rs 50 lakh. The others sentenced include Vinayak Narain Deosthali, then assistant manager, UCO Bank to undergo seven years simple imprisonment with fine of Rs 5 lakh.
Sunil Gorawara, then senior manager UCO Bank was sentenced to undergo seven years simple imprisonment with fine of Rs 10 lakh.
Karunapati Pandey then senior manager, UCO Bank was also sentenced to undergo two years simple imprisonment with fine of Rs 50,000. Anil Kumar Malhotra, private person to undergo seven years simple imprisonment with fine of Rs 25 lakh for causing huge loss to government exchequer.
The court also ordered that out of the total fine imposed, 25 percent amount be paid to CBI towards litigation expenses. A case was registered by CBI in the year 1993 relating to securities scam involving accused persons i.e. Harshad Mehta, Satbir Singh Kadian, former chairman, IFFCO and five others. It was alleged that S S Kadian in conspiracy with the officials of UCO Bank and other private persons had invested the surplus funds of IFFCO at lower rate of interest and caused a loss of Rs 15 lakh (approx) to IFFCO.
Out of the total amount of investment, a tranche of Rs 4 crores (approx) was fraudulently diverted to the personal account of accused Harshad Mehta who expired during the pendency of the case. After thorough investigation, CBI filed a chargesheet. The trial court held all the accused guilty under section 120 (b), 403 and 409 of the Indian Penal Code and 13 (2) read with 13(1)(d) of Prevention of Corruption Act, 1988.
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About the Author
Asseem Shaikh

Asseem Shaikh is a special correspondent at The Times of India, Pune. He holds a PG degree in Journalism and Communication and Human Rights, and has been a journalist for about 20 years now. He covers the crime and legal beats with special focus on ‘syndicated’ crime, cyber crime, terrorism, custodial deaths, fake encounters and human rights violations. Has made good use of the Right to Information Act for journalistic purposes. He loves to travel.

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