The 20 year old IFFCO graft case has finally resulted in conviction and imprisonment of a prominent political leader of Haryana and several former and incumbent bank functionaries.
IFFCO of that time was not the same as we know it today. Government share was high in the fertilizer cooperative and govt appointed men used to oversee its activities.
It was later that the cooperators asserted themselves and returned government money in course of time. IFFCO began to use the famous tag line “fully-owned by cooperative”.
According to media reports, special CBI judge has sentenced INLD leader and ex-speaker of Haryana assembly Satbir Singh Kadian and a number of bank officials to jail.
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 Fertilizer 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 massive loss to the organization.