The court said the convicts should pay back compensation to the society at large which should be utilized to control the "spiraling pollution which is bleeding the residents of Delhi at present, which is the need of the hour".
Special CBI Judge Sanjeev Aggarwal passed the judgement while convicting and awarding varying jail terms of one to three years to the three convicts, including two women.
The court, in its 254-page judgement, sentenced 66-year- old Rita Singh and 44-year-old Natasha Singh Sinha, both directors of private firm Mideast (India) Ltd, the then public servant 73-year-old Y V Luthra to two, three and one year imprisonment.
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They were held guilty under various provisions of IPC relating to cheating, conspiracy, forgery and under Prevention of Corruption Act.
"Why should society bear the cost of such convicts who did not commit the crime out of passion, need, or poverty but out of sheer greed for more money at the expense of public financial institutions/public insurance company. They should compensate the society in some measure to redeem themselves.
(Reopen LGD28)
It had alleged that the two women had fraudulently obtained insurance claim of Rs 6.98 crore from United India Insurance Company by submitting fake or forged 'No objection certificate' purportedly issued by Luthra.
During the trial, Rita and Natasha claimed that it was a false case instituted against them and that no loss was caused to IFCI or to the insurance company. Luthra also claimed innocence in the case.