Lalu gets 3 yrs, 6 mths in jail, fined Rs 10 L in fodder scam case
Ranchi: A special CBI court today sentenced RJD chief Lalu Prasad to three-and-a-half years in jail and imposed a fine of Rs 10 lakh on him in a fodder scam case relating to fraudulent withdrawal of Rs 89.27 lakh from the Deoghar Treasury 21 years ago.
The punishment was handed down to 69-year-old Prasad by CBI court judge Shiv Pal Singh. This is the second time that he has been jailed in the fodder scam.
The judge also imposed a fine totalling Rs 10 lakhs on him.
He was sentenced to three-and-a-half years in jail in a fodder scam case for offences of cheating, along with criminal conspiracy, and other sections under the Indian Penal Code (IPC).
Prasad was also given a jail term of three years and six months in the case under the Prevention of Corruption Act (PCA).
He was fined Rs 5 lakh each under the IPC and the PCA, CBI counsel Rakesh Prasad said, adding that failure to pay the fine would entail another six months in jail.
The sentences will run concurrently, he said.
Prasad, who was convicted in the second case on December 23, is at present lodged in the Birsa Munda Central Jail.
The judge conveyed the punishment to Prasad through videoconferencing.
The court had yesterday concluded arguments on the quantum of sentence against Prasad in connection with the withdrawal of Rs 89.27 lakh from the Deoghar Treasury between 1990 and 1994 when he was the chief minister of Bihar.
It had also heard arguments on the issue of punishment for 10 others convicted in the case.
Earlier today, the court concluded arguments on the quantum of sentence against five other convicts.
Prasad was given a prison term of five years on September 30, 2013, in another fodder scam case. He was released on bail by the Supreme Court after having remained in jail for over two-and-a-half months.
The CBI special judge had on December 23 acquitted former Bihar chief minister Jagannath Mishra and five others in the case.
In 1996, the Patna High Court had ordered an inquiry into the fodder scam cases and a charge sheet in the Deogarh Treasury case was filed against 38 people on October 27, 1997.
Eleven of them died and three turned approvers, while two other accused confessed and were convicted in 2006-07, a CBI official said.
On September 30, 2013, Yadav, Jagannath Mishra and several others were convicted in another case pertaining to illegal withdrawal of Rs 37.7 crore from the Chaibasa Treasury in the early 1990s.
Prasad faces another three fodder scam cases for illegal withdrawal of Rs 3.97 crore from the Dumka Treasury, Rs 36 crore from the Chaibasa Treasury and Rs 184 crore from the Doranda Treasury.
Meanwhile, Prasad's son Tejashwi Yadav said in Patna that they will move high court against his father's conviction.
"We will move high court against Lalu Prasad's conviction and appeal for bail after studying the court verdict," he said.
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Binny Bansal steps down from board of PhonePe
New Delhi, Nov 22: Flipkart's co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech company said on Friday.
PhonePe also announced the appointment of Manish Sabharwal as an Independent Director and Chair of its Audit Committee.
In this role, Sabharwal will be instrumental in upholding the integrity and effectiveness of PhonePe's financial reporting, internal controls, and risk management practices, he company said in a release.
"PhonePe also announced that Flipkart's co-founder, Binny Bansal has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its Board since then," the release said.
Commenting on the board rejig, Sameer Nigam, CEO and Founder of PhonePe said, "I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe's earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!"
Nigam further said that Sabharwal's depth of understanding of India's macro economy, coupled with his leadership in shaping India's policies for education, employment, and employability will be invaluable as PhonePe continues to work ahead towards shared vision of a Viksit Bharat by 2047.
Sabharwal is Vice-Chairman of Teamlease Services, India's largest staffing and human capital firm.
Bansal played an instrumental role in Flipkart's acquisition of PhonePe way back in 2016 and had been on its board since then (the payments firm separated from Flipkart in 2022).
