Awarding the sentence on Monday, CBI judge Bharat Parashar said, “white collar crimes are more dangerous because financial losses are much higher and secondly because of the damages inflicted on public morale. The average loss from ordinary crimes such as burglaries, robberies and larcenies may run into few thousand rupees only but the loss which ‘white collar crimes’ may cause run not only in lacs but in crores of rupees”.
The judge said finding criminality in such acts was often difficult “primarily because they are committed after much deliberation and planning undertaken by well-trained minds having a higher status in the society. White collar crimes are a peculiar feature of an acquisitive and affluent society and even though our society cannot be strictly termed as an affluent society, it is certainly becoming acquisitive”.
Ray was minister of state for coals in the Atal Bihari Vajpayee-led NDA government. The case pertained to allocation of the Brahmadiha coal block in Jharkhand’s Giridh to Castron Technologies. This was the first conviction under Section 409 of Indian Penal Code, which deals with “criminal breach of trust by a public servant”, in the coal block allocation scam. Ray was found guilty and convicted on charges of corruption, criminal conspiracy and breach of trust earlier this month and the sentence was pronounced on Monday.
Commenting on the coal block allocation, the judge said, “had coal block been allocated to a deserving applicant company after following due process of law and the company would have proceeded to extract coal so as to use it captively in its end use project, then it would have certainly added to the infrastructural/industrial development of the country. The arbitrary allocation of coal blocks as has been seen in the present matter to unscrupulous persons who never intended to establish any end use project in itself has caused huge loss to the nation which is difficult to be computable in monetary terms”.
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4 Comments on this Story
Abhay Sandwar32 days ago
LET GOVT > COAL OFFICIALS IN THE MINISTRY AND OTHERS BE MADE AWARE OF THE FACT THAT WRONG STEPS AND OVERSTEPPING TOO INVITES PROBLEMS IN THE LONG RUN >SO BE TRANSPARENT AND JUST AND NO OVERSTEPPING >
Am Pm32 days ago
Good but 10L fine is very less. They should pay 10 cr each. If thy cannot, they will spend another 5 years in jail. Coal scam is a big scam. These guys would have got richer by at least 100 crores. etting these scroundels go with only 10L fine is laughable.
Senthil K32 days ago
Origin of coal scam spotted...