New Delhi, Aug 26: INLD leader and ex-speaker of Haryana Assembly Satbir Singh Kadian was today sent to jail for seven years in the over 20 year-old IFFCO graft case by a special court which also slapped a fine of Rs 50 lakh on him.
Besides 66-year-old Kadian, Special CBI Judge Jitendra Kumar Mishra also awarded seven year jail term to 64-year-old Vinayak Narayan Deosthali, ex-Assistant Manager (Funds) of UCO Bank, 65-year-old IIT alumni Anil Kumar Malhotra and 70-year- old Sunil Gorawara, ex-Senior Manager (Deposits) of UCO Bank.
The court also sentenced 84-year-old Karuna Pati Pandey, ex-Senior Manager(Cash) of UCO Bank, to two years imprisonment considering his old age and that he was facing financial burden and had suffered punishment during trial for a single mistake or offence committed by him.
"The most peculiar fact in this case is that convict no. 1 (Kadian) is elected representative of the people of his constituency and he was also speaker of Haryana Assembly, may be after the commission of crime.
It is his duty and duty of other convicts also that they should remain faithful to the State, otherwise integrity of the State would be at jeopardy.
"Kadian was chairman of IFFCO and he should feel proud that people have reposed faith upon him as it is his own argument that it was a political post. But instead of proving their faith, he committed the crime by joining hands with other convicts by hatching a conspiracy as per the illegal design of Harshad S Mehta (accused who has died)," it said.
Refusing to show any leniency to Kadian, the court said he was a role model for the country, including Haryana, and if such persons would be given minimum punishment, it will affect the morale of the entire nation.
According to the CBI, while working as Indian Farmers Fertiliser Cooperative Limited(IFFCO) chairman during February 1991 to April 1991, Kadian had invested Rs 32.90 crore, the surplus fund of IFFCO at lower rate of interest and caused a loss of over Rs 15 lakh to the organisation.
It said in one transaction of Rs four crore meant for UCO Bank, New Delhi, for investment, the money was dishonestly and fraudulently diverted to the personal account of accused share broker Harshad Shantilal Mehta through his Delhi based representative.