The Additional Chief Metropolitan Magistrate, Bangalore has sentenced Shri. N.A. Jayaram & his wife Smt. Shyla N.J to undergo five years rigorous imprisonment with fine of Rs. 1,40,000/- each.
CBI had registered the case on the allegations that M/s. Bilwa Labs, Bangalore represented by Smt. Shyla N.J entered into conspiracy with her husband Sh. N.A. Jayaram to cheat the Government of India in the export of Muriate of Potash which was restricted item for export without refunding the subsidy granted by the Govt. of India. Both the accused had tried to export Potassium Chloride (Muriate of Potash) by falsely declaring the same as Industrial salt. A loss to the tune of Rs. 61,08,53,275/- (approx) was caused to the Govt. Exchequer.
A charge Sheet was filed on 17.12.2012 against the accused u/s. 120-B r/w. 420, 468 and 471 of IPC, Sec. 7(1)(a)(ii) of Essential Commodities Act, 1955 r/w. sec. 25(1) & (2) of the Fertilizer Control Order 1985 and sec. 132, 135 & 135A of the Customs Act, 1962.
The Trial Court found both the accused guilty and convicted them.