Cooperative-giant Indian Farmers Fertiliser Cooperative Limited (IFFCO) is once again in news with its transactions worth about million dollars with three companies based in Dubai, Switzerland and Singapore, red-flagged by Deutsche Bank Trust Company Americas (DBTCA) to the US financial watchdog, Financial Crimes Enforcement Network. These transactions involved IFFCO, its Dubai subsidiary Kisan International Trading FZE and commodities trading companies in Switzerland and Singapore.
IFFCO through which annual fertiliser-subsidy of rupees thousands of crores is routed gifted prime-properties worth rupees hundreds of crores in New Delhi to its office-bearers with even Comptroller and Auditor General report pointing out massive irregularities in functioning of IFFCO. IFFCO controlled by a single individual for last so many decades is an ultra-rich and influential body that it can influence and afford costliest legal-help to resist it bringing under purview of RTI Act. Central government should immediately take over IFFCO under its control ensuring strict-most action and confiscation of properties of guilty ones at IFFCO.
Central government should declare all cooperative bodies to come under purview of RTI Act since cooperative bodies have usually government-nominees at its board of Directors and are funded by money of public. IFFCO is also indirectly government-funded through annual government-subsidy worth rupees thousands of crores.
MADHU AGRAWAL