Butchers of Sopore and Birmingham

Nine years of calm before icy storm

Kashmir turns crimson with blood of Pandits

AN UN-ISLAMIC KIDNAPPING AND CHAOS IN THE VALLEY

The illusion of azaadi and Kashmir’s historic deception

How Pak's terror policy evolved in Kashmir

Birth of social media jihadists, death of Article-370

Operation Sindoor: When Indian missiles rained on Pak terror parade

<div class='ite_mg_banner ads__container'><div class='it_mg_bnrBox'><div class='ite_bnr_cont'><div class='ite_cont_dtl'> <h4>Get <span class='bold_text'>37%</span> off on an annual Print +Digital subscription of India Today Magazine</h4><a href='https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fsubscriptions.intoday.in%2Findiatoday%3Futm_source%3Dtop-web-banner ' class='ite_subscribe_btn origin_conscent_url' target='_blank'>SUBSCRIBE</a></div></div></div></div>

US Election coverage

India

World

NewsMo

Fact Check

Programmes

Match Schedule

Teams

Player Stats

Match Report

LIVE SCORES

<table><tbody><tr><td><b>Who forced SBI and RBI to release the $38 million to Karsan despite inadequate documentation?</b><br>
</td></tr></tbody>
<p>
The others named in the charge-sheet are Prakash Chandra Yadav, son of the then Union chemicals and fertilisers minister Ram Lakhan Singh Yadav, London-based A.E. Pinto of the Brazil Trading Company, and D. Mallesham Goud, a director in one of Sambasiva Rao's companies.<br><br>These findings, which were uncovered during 18 months of "painstaking" investigation, seem to have exonerated Narasimha Rao's son, P.V. Prabhakar Rao, who was named as the kingpin in the deal by Sambasiva Rao during his interrogation by the CBI. Anand Mohan Krishnamurthy, son of the officer on special duty in the Prime Minister's Office (PMO) at the time, P.V.R. Krishnamurthy, has also not been named in the charge-sheet.<br><br>Prabhakar Rao was twice interrogated by the CBI in June 1996. But, say sources in the CBI, no raids were ordered on the residential premises of either Prabhakar Rao or Sanjeeva Rao by the then CBI director K. Vijaya Rama Rao, even though Sanjeeva Rao had confessed during his interrogation in Hyderabad that he knew where the money received as kickbacks was stashed. </p><p>Apparently, Rama Rao pleaded that due to the political uncertainty in the country that July, when Narasimha Rao could have made a comeback after the fall of the BJP government, he could not risk ordering raids on any person connected to the former prime minister. Rama Rao was informed of the scam in early 1996 but delayed the arrest of the key suspects. Sanjeeva Rao and Prakash Yadav were arrested only in June.<br></p><div class="itemcenter"><amp-iframe height="62" title="" width="320" sandbox="allow-forms allow-scripts allow-same-origin allow-popups allow-top-navigation allow-top-navigation-by-user-activation" allowfullscreen src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Findiatoday%2Fbanner%2Fpreferred-source-new.html%3Fv%3D1.014%5Cu0026native%3D1" class="mrBt15 preferred-source-banner"> </amp-iframe></div><table><tbody><tr><td><div class="itg-mosimage"><amp-img src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998January%2Fhidden-4_090412050341.jpg" alt="" height="425" width="650" class="" layout="responsive"></amp-img>Alankus: in custody in India</div><b>Why were the Banque Indo-Suez's objections to the deal overlooked?</b></p><p><b>Who pressured the PMO into appointing Ramakrishnan as CMD?</b><br></p></td></tr></tbody></table></p><p>The PMO's questionable role in the scandal goes further than just influencing the probe against the prime minister's son and Krishnamurthy. It is no secret that Ramakrishnan was made the chairman cum managing director of the NFL despite his name being absent from the panel considered for the post by the Public Enterprises Selection Board in 1995. </p><p>It is now believed that he was appointed to the post at the PMO's behest. It is in this context that the names of Prabhakar Rao, Sanjeeva Rao and Krishnamurthy have arisen. Presumably, Ramakrishnan's first assignment in the NFL was to clear the dubious deal with Karsan as a favour to those who had got him the plum posting. Due to the influence exerted by his supporters, Ramakrishnan faced no difficulty in the PMO and files relating to NFL were never held up.<br><br>The PMO is also supposed to have played a crucial role in making certain that the contract amount left Indian shores. After the contract was signed on November 9, 1995 - without the mandatory bank guarantees or the first class Lloyd's insurance cover - the total amount under the contract was remitted to Karsan's bankers, the Banque Indo-Suez in Geneva, in two instalments. Not surprisingly, the bank returned the money to India on November 24, saying it was not certain about the "genuineness" of the deal.</p><table><tbody><tr><td><b>SCAM UPDATE </b><br></td></tr><tr><td></p><p><b>Bofors: Paper Chase</b><br>Former CBI Director Joginder Singh had sought the prosecution of former bureaucrats S.K. Bhatnagar and Gopi Arora, Italians Ottavio and Maria Quattrocchi and Win Chadha in the 10-year-old Bofors case. But Prime Minister I.K. Gujral has allowed the case to languish. Efforts are underway to bail out the appellants who hold the secret sixth account in a Swiss bank in which part of the bribes was deposited.<br><br>Rudolf Wyss, vice-director of the Swiss police, was in India in October. He said some papers were yet to be transferred to India. The Swiss authorities are said to be trying to reach an out-of-court settlement to close the case as early as possible.</p><p><b>HDW: No Follow-up</b><br>The CBI has examined 64 persons to trace the recipients of kickbacks in the Rs 420-crore HDW submarine deal. But after the German foreign ministry said that no German citizen could be hauled up for criminal offence and the Swiss said the request for handing over details of bank accounts was premature in view of the pendency of the Bofors case before the courts, no one has bothered to follow up. The CBI sent a reminder to Gujral on December 5, to no avail.<br></p></td></tr></tbody></table></p><p>Top officials in the Finance Ministry and the PMO ensured that the money was sent back to Switzerland. While ignoring Banque Indo-Suez's objections, they asked the Turkish company to open a new account in which the money could be deposited. </p><p>Subsequently, Karsan opened an account with Pictet Bank in Geneva and Ramakrishnan and Kanwar ensured that the money was deposited there five days later.<br><br>Surprisingly, the officials of NFL's bank - the State Bank of India branch at South Extension, Delhi - involved in clearing the remittances have not been found guilty. </p><p>They included K. Vikram, deputy general manager, S.D. Malhotra, the assistant general manager, Sunil Sachdeva, manager (international operations) and K.L. Batra, chief manager. Their suspension has now been revoked.<br><br>Alankus is believed to have pocketed $28.1 million (Rs 98.35 crore), Karanci $1.1 million (Rs 3.9 crore), and about $3.54 million (Rs 12.4 crore) was doled out as the share of three foreigners also involved in the scam. While Sambasiva Rao was directly paid $0.2 million (Rs 70 lakh), $4 million (Rs 14 crore) was given to Edible Foodstuffs Trading Ltd of Dubai for forwarding to Sambasiva Rao through the hawala route. The Karsan agent paid Sanjeeva Rao a total of Rs 1.02 crore as well as Rs 60 lakh to Mallesham Goud. Prakash Yadav is reported to have received Rs 69 lakh as his share of the booty.<br><br>It is now pretty obvious that the PMO as an entity seems to have been involved in the scandal. But the mastermind behind the whole affair hasn't been identified, nor does it look likely that he will ever be. While credit is due to the CBI for unravelling much of the mystery, the hidden hand, it seems, will continue to remain hidden.</p><div id="tab-link-wrapper-plugin"><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">AtMigration </div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Jan 12, 1998</div></div></div><div class="sendros">--- ENDS ---</div></div></table>

nation

Nation

<table style="background-color: rgb(229, 229, 229); margin-right: 8px;" align="left" border="1" cellpadding="3" cellspacing="3" height="62" width="329">
<tbody><tr><td colspan="3" rowspan="1"><div class="itg-mosimage"><div class="itgimage"><img  title=""  class="" alt="" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998January%2Fhidden-1_090412050341.jpg" loading="lazy" /></div></div> <div class="itg-mosimage"><div class="itgimage"><img  title=""  class="" alt="" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998January%2Fhidden-2_090412050341.jpg" loading="lazy" /></div></div> 
<div class="itg-mosimage"><div class="itgimage"><img  title=""  class="" alt="" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998January%2Fhidden-3_090412050341.jpg" loading="lazy" /></div></div><br>
</td></tr><tr><td colspan="3" rowspan="1">Prabhakar Rao has not been charge-sheeted, while Sanjeeva Rao and Sambasiva Rao are under arrest<br>
</td></tr></tbody>
<p>
The charge-sheet has been filed. Nine persons have been indicted. Most of the missing money has been traced to accounts in five overseas banks. </p><p>The CBI seems to have tied up all loose ends in the well-conceived scam, in which the National Fertilisers Ltd (NFL) was defrauded of Rs 133 crore in 1995. But have they really? Despite a rather convincing case made out by the investigating agency in its charge-sheet filed in the court of Chief Metropolitan Magistrate Prem Kumar in Delhi on December 26, one thing is missing: a face to the hidden hand behind the scandal.<br><br>It is the CBI's case that a clutch of businessmen, in connivance with top NFL officials C.K. Ramakrishnan and D.S. Kanwar, had conspired to cheat the fertiliser company of $38 million (Rs 133 crore at the rate prevailing then). </p><p>According to its investigation, prime accused B. Sanjeeva Rao, nephew of then prime minister P.V. Narasimha Rao, and Sambasiva Rao, the Indian agent of Turkish firm Karsan Ltd, brokered a contract between NFL and Karsan for the supply of two lakh tonnes of urea in 1995. </p><p>Karsan failed to execute the contract but the money was still remitted to its account in Turkey in November of that year, from where it was distributed among various persons by company executives Tuncay Alankus and Cihan Karanci.<br></p><table style="background-color: rgb(229, 229, 229); margin-left: 8px;" align="right" border="1" cellpadding="3" cellspacing="3" height="70" width="189"><tbody><tr><td><b style="color: rgb(204, 0, 0);">Who forced SBI and RBI to release the $38 million to Karsan despite inadequate documentation?</b><br>
</td></tr></tbody>
</table></p><p>
The others named in the charge-sheet are Prakash Chandra Yadav, son of the then Union chemicals and fertilisers minister Ram Lakhan Singh Yadav, London-based A.E. Pinto of the Brazil Trading Company, and D. Mallesham Goud, a director in one of Sambasiva Rao's companies.<br><br>These findings, which were uncovered during 18 months of "painstaking" investigation, seem to have exonerated Narasimha Rao's son, P.V. Prabhakar Rao, who was named as the kingpin in the deal by Sambasiva Rao during his interrogation by the CBI. Anand Mohan Krishnamurthy, son of the officer on special duty in the Prime Minister's Office (PMO) at the time, P.V.R. Krishnamurthy, has also not been named in the charge-sheet.<br><br>Prabhakar Rao was twice interrogated by the CBI in June 1996. But, say sources in the CBI, no raids were ordered on the residential premises of either Prabhakar Rao or Sanjeeva Rao by the then CBI director K. Vijaya Rama Rao, even though Sanjeeva Rao had confessed during his interrogation in Hyderabad that he knew where the money received as kickbacks was stashed. </p><p>Apparently, Rama Rao pleaded that due to the political uncertainty in the country that July, when Narasimha Rao could have made a comeback after the fall of the BJP government, he could not risk ordering raids on any person connected to the former prime minister. Rama Rao was informed of the scam in early 1996 but delayed the arrest of the key suspects. Sanjeeva Rao and Prakash Yadav were arrested only in June.<br></p><div class="itemcenter"><iframe scrolling="no" allowfullscreen="" frameborder="0" width="100%" height="62" awidth="320" aheight="62" amplayout="fixed" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Findiatoday%2Fbanner%2Fpreferred-source-new.html%3Fv%3D1.014" class="preferred-source-banner" loading="lazy"></iframe></div><style>.preferred-source-banner{  margin-top: 10px; margin-bottom:10px;}</style><table style="background-color: rgb(229, 229, 229); margin-right: 8px;" align="left" border="1" cellpadding="3" cellspacing="3" height="76" width="236"><tbody><tr><td><div class="itg-mosimage"><div class="itgimage"><img  title=""  class="" alt="" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998January%2Fhidden-4_090412050341.jpg" loading="lazy" /></div>Alankus: in custody in India</div><b>Why were the Banque Indo-Suez's objections to the deal overlooked?</b></p><p><b>Who pressured the PMO into appointing Ramakrishnan as CMD?</b><br></p></td></tr></tbody></table></p><p>The PMO's questionable role in the scandal goes further than just influencing the probe against the prime minister's son and Krishnamurthy. It is no secret that Ramakrishnan was made the chairman cum managing director of the NFL despite his name being absent from the panel considered for the post by the Public Enterprises Selection Board in 1995. </p><p>It is now believed that he was appointed to the post at the PMO's behest. It is in this context that the names of Prabhakar Rao, Sanjeeva Rao and Krishnamurthy have arisen. Presumably, Ramakrishnan's first assignment in the NFL was to clear the dubious deal with Karsan as a favour to those who had got him the plum posting. Due to the influence exerted by his supporters, Ramakrishnan faced no difficulty in the PMO and files relating to NFL were never held up.<br><br>The PMO is also supposed to have played a crucial role in making certain that the contract amount left Indian shores. After the contract was signed on November 9, 1995 - without the mandatory bank guarantees or the first class Lloyd's insurance cover - the total amount under the contract was remitted to Karsan's bankers, the Banque Indo-Suez in Geneva, in two instalments. Not surprisingly, the bank returned the money to India on November 24, saying it was not certain about the "genuineness" of the deal.</p><table style="background-color: rgb(229, 229, 229); margin-left: 8px;" align="right" border="1" cellpadding="3" cellspacing="3" height="289" width="345"><tbody><tr align="center"><td style="color: rgb(204, 0, 0);"><b>SCAM UPDATE </b><br></td></tr><tr><td></p><p><b>Bofors: Paper Chase</b><br>Former CBI Director Joginder Singh had sought the prosecution of former bureaucrats S.K. Bhatnagar and Gopi Arora, Italians Ottavio and Maria Quattrocchi and Win Chadha in the 10-year-old Bofors case. But Prime Minister I.K. Gujral has allowed the case to languish. Efforts are underway to bail out the appellants who hold the secret sixth account in a Swiss bank in which part of the bribes was deposited.<br><br>Rudolf Wyss, vice-director of the Swiss police, was in India in October. He said some papers were yet to be transferred to India. The Swiss authorities are said to be trying to reach an out-of-court settlement to close the case as early as possible.</p><p><b>HDW: No Follow-up</b><br>The CBI has examined 64 persons to trace the recipients of kickbacks in the Rs 420-crore HDW submarine deal. But after the German foreign ministry said that no German citizen could be hauled up for criminal offence and the Swiss said the request for handing over details of bank accounts was premature in view of the pendency of the Bofors case before the courts, no one has bothered to follow up. The CBI sent a reminder to Gujral on December 5, to no avail.<br></p></td></tr></tbody></table></p><p>Top officials in the Finance Ministry and the PMO ensured that the money was sent back to Switzerland. While ignoring Banque Indo-Suez's objections, they asked the Turkish company to open a new account in which the money could be deposited. </p><p>Subsequently, Karsan opened an account with Pictet Bank in Geneva and Ramakrishnan and Kanwar ensured that the money was deposited there five days later.<br><br>Surprisingly, the officials of NFL's bank - the State Bank of India branch at South Extension, Delhi - involved in clearing the remittances have not been found guilty. </p><p>They included K. Vikram, deputy general manager, S.D. Malhotra, the assistant general manager, Sunil Sachdeva, manager (international operations) and K.L. Batra, chief manager. Their suspension has now been revoked.<br><br>Alankus is believed to have pocketed $28.1 million (Rs 98.35 crore), Karanci $1.1 million (Rs 3.9 crore), and about $3.54 million (Rs 12.4 crore) was doled out as the share of three foreigners also involved in the scam. While Sambasiva Rao was directly paid $0.2 million (Rs 70 lakh), $4 million (Rs 14 crore) was given to Edible Foodstuffs Trading Ltd of Dubai for forwarding to Sambasiva Rao through the hawala route. The Karsan agent paid Sanjeeva Rao a total of Rs 1.02 crore as well as Rs 60 lakh to Mallesham Goud. Prakash Yadav is reported to have received Rs 69 lakh as his share of the booty.<br><br>It is now pretty obvious that the PMO as an entity seems to have been involved in the scandal. But the mastermind behind the whole affair hasn't been identified, nor does it look likely that he will ever be. While credit is due to the CBI for unravelling much of the mystery, the hidden hand, it seems, will continue to remain hidden.</p><div id="tab-link-wrapper-plugin"><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">AtMigration </div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Jan 12, 1998</div></div></div><div class="sendros">--- ENDS ---</div></div></table>

Despite 18 months of arduous investigation, the CBI charge-sheet in the case fails to answer all questions.

India Today

Hidden hand triumphs - India Today

Urea scam: CBI charge-sheet in the case fails to answer all questions

Hidden hand triumphs

The development comes amid parallel legal moves, with the ED seeking urgent relief from the Supreme Court and the West Bengal government filing a caveat, even as the case continues to escalate following raids on I-PAC premises and allegations involving Chief Minister Mamata Banerjee.

Calcutta High Court rejects termination of 32,000 teachers, citing insufficient evidence of irregularities

Court restricts entry, allows live-stream amid overcrowding row in I-PAC case hearing

Stephen Graham confirmed that he and co-creator Jack Thorne are working on the second season of 'Adolescence'. The show won four major awards at Golden Globes 2026. 

Adolescence co-creator Stephen Graham confirms Season 2 after Golden Globes win

Adolescence 2

Haq director Suparn Varma reacted to Alia Bhatt, Kiara Advani and Karan Johar's praise for his film. The film features Yami Gautam and Emraan Hashmi in key roles.

Suparn Varma expresses gratitude as Alia, Karan Johar praise Yami-Emraan's Haq

Haq director

Haq director Suparn Varma thanks Alia, Kiara and Karan Johar for praising his film

Senior CPI(M) leader and three-time MLA Aisha Potty on Tuesday joined the Congress in Kerala, ending her decade-long association with the Left party ahead of the upcoming Assembly elections.

Aisha potty

Ex-CPM MLA Aisha Potty joins Congress ahead of 2026 Kerala polls

The fire was reported in a cardboard godown comprising four tin sheds spread over an area of around 1,000 square yards. Two charred bodies were found at the site. 

burnt-alive-312327378-16x9.jpg

Two killed, three injured in massive cardboard godown fire in Delhi’s Pitampura

Play Time!

Iran Protests

Lohri 2026

Donald Trump

WPL 2026

PM Modi

Rahul Gandhi

Jana Nayagan

Stray Dogs

Bangladesh

Municipal Corporation

Delhi Weather

BMC Election 2026

Budget

Dhurandhar

Vijay Hazare Trophy

T20 World Cup

For customers, this may mean adjusting to slightly longer delivery times. Impulsive buyers, especially younger consumers used to instant gratification, could feel disappointed initially, says expert.

Centre steps in on gig safety

Blinkit dropping 10-minute delivery branding is a relief for gig workers, says expert

Army Chief General Upendra Dwivedi said the military response under Operation Sindoor is still ongoing and warned Pakistan that any future misadventure would be met with a resolute response.

General Upendra Dwivedi

Op Sindoor ongoing, Army given full freedom to act and respond: Army Chief

The bulletin focuses on the BJP hosting a delegation of the Communist Party of China at its headquarters in New Delhi amid continuing India-China tensions along the Line of Actual Control. The key quote highlighted is: 'during the meeting they discussed ways to enhance communication and interaction between the two political parties'. The programme flags that this is described as the first major political outreach since the Galwan Valley clashes, while noting that border issues remain unresolved. It raises questions over whether the outreach is strategic engagement or mixed messaging, and discusses the likelihood of political reactions in India, with the speaker stating that attention will centre on how the party and the government explain engagement while post-Galwan conversations are still underway.

BJP hosts CPC delegation amid India-China border stand-off

BJP hosts Communist Party of China delegation in Delhi amid LAC tensions

Prime Minister Narendra Modi on Monday joined German Chancellor Friedrich Merz at the International Kite Festival 2026 at the Sabarmati Riverfront in Gujarat's Ahmedabad. Both the leaders were seen flying huge tricolour kites. Merz is on his first official visit to India, as New Delhi and Berlin look to step up cooperation across strategic, economic and security sectors. The trip followed their PM Modi's meeting with Merz on the sidelines of the G7 Summit, where both leaders agreed to widen the bilateral strategic partnership, with the Prime Minister extending a formal invitation for the visit.

PM Modi with German Chancellor in Ahmedabad

Download App

Get 37% off on an annual Print +Digital subscription of India Today Magazine

Urea scam: CBI charge-sheet in the case fails to answer all questions

Despite 18 months of arduous investigation, the CBI charge-sheet in the case fails to answer all questions.

PUBLICATIONS

TELEVISION

EVENTS

RADIO

GAMING

USEFUL LINKS

PRINTING

WELFARE

DISTRIBUTION

SYNDICATIONS

WEBSITES

EDUCATION


Prabhakar Rao has not been charge-sheeted, while Sanjeeva Rao and Sambasiva Rao are under arrest