In a significant development, the verdict in the Letter of Credit (LoC) scam case has been announced after three decades of investigation.
Out of 34 accused, five individuals have been convicted, while seven have been acquitted by the court.
The scam, which occurred during the tenures of former Chief Ministers Hiteshwar Saikia and Prafulla Mahanta, led to a Central Bureau of Investigation (CBI) probe initiated in 1997.
Notably, 22 of the accused have since passed away, leaving 12 survivors facing the court's ruling.
The LoC mechanism was exploited, allowing contractors to receive payments without completing the necessary work.
The convicted individuals, including B.N. Chakraborty, Taran Kumar Das, and Jayanta Sharma, have been sentenced to three years in jail along with a fine of ₹50,000 each. Mohibur Rahman and Pranab Saikia received two-year jail terms and fines of ₹10,000 each.
The following individuals were acquitted: D. Purakayastha, D. Sonowal, D. Laskar, Tutu Chetri, H. Vaiphei, A. Kro, and Jadav Gogoi.
This verdict marks a crucial step in addressing the long-standing issues surrounding the Letter of Credit scam and holds the convicted accountable for their actions.
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