New Delhi, August 30: The ex-chairman of Indian Farmers Fertiliser Cooperative Limited (IFFCO), Satvir Singh Kadian was sentenced with seven years simple imprisonment with fine of Rs 50 lakh under securities scam on Monday by the CBI. A case was registered by Central Bureau of Investigation (CBI) in the year 1993 relating to securities scam involving accused persons i.e. Harshad Mehta; Satbir Singh Kadian, former Chairman, IFFCO & 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 to IFFCO.
The Special Judge, CBI Cases, Karkardooma, Delhi has sentenced Satvir Singh, 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 to undergo seven years simple imprisonment with fine of Rs.10 lakh, Karunapati Pandey then Senior Manager, UCO Bank to undergo two years simple imprisonment with fine of Rs 50,000 and 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% amount be paid to CBI towards litigation expenses. 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 & 409 of IPC and Section 13(2) r/w 13(1)(d) of PC Act, 1988.