A special CBI court in Delhi on Thursday sentenced C K Ramakrishnan, former CMD of National Fertilizer Limited (NFL), and D S Kanwar, former ED (Marketing), to three years of rigorous imprisonment.
The court also handed each of them a fine of Rs 600,000.
The two senior officials, along with six others including two Turkish nationals, had cheated NFL to the tune of Rs. 1.33 billion.
The court also sentenced former prime minister Narasimha Rao's nephew, B Sanjeeva Rao, to three years of rigorous imprisonment and fined him Rs 10 million. The Turkish nationals, Tunkay Alankus and Cihan Karanchi, were sentenced to rigorous imprisonment of six years and handed a fine of Rs 1 billion each.
Three other convicts- M Sambasiva Rao, Prakash Chand Yadav and D Mallesham Gaud have also been sentenced to three years of rigorous imprisonment.
According to the case registered by the CBI in 1996, accused Alankus signed a contract on January 9, 1995 to supply 200000 MT of urea at the rate of $190 per MT on the pre-payment of 100 per cent price, which was about $38 million.
Alankus received the payments but the urea was never delivered.
After a thorough investigation, a chargesheet was filed in 1997.
The Indian accused had received their share through hawala channels.