With the pronouncement of the judgement, the 65-year-old now faces immediate disqualification as a Lok Sabha member.
Prasad was pronounced guilty with 44 others in the 17 years old multi-million scam. According to reports, the quantum of punishment will be pronounced on October 3.
They were charged with fraudulent withdrawal to the tune of Rs 37.7 crore on fake fodder bills from Chaibasa treasury in the 1990s in a case lodged by CBI. Besides the RJD supremo, other accused persons include former Bihar Chief Minister Jagannath Mishra and JD(U) MP Jagdish Sharma.
Chaibasa was then part of undivided Bihar.