CBI Court Sentences three accused to five Years RI in Bank Fraud Case
Chennai, May 23 (TNT): A special Central Bureau of Investigation court in Chennai has convicted a private company, Palpap Ichinichi Software International Ltd., along with its Managing Director and CEO Senthil Kumar and two private individuals in a bank fraud case involving ₹1.24 crore.
The court sentenced Senthil Kumar, P.A. Sasi Kumar and P. Thanjai Chezian to five years of rigorous imprisonment and imposed a total fine of ₹11.7 lakh on them, the CBI said in a statement here on Saturday.
The court also imposed a fine of ₹1.2 lakh on the company, Palpap Ichinichi Software International Ltd.
The CBI had registered the case on November 14, 2008, based on a complaint lodged by State Bank of India, Chennai.
Investigators alleged that the accused entered into a criminal conspiracy to obtain and disburse personal loans under the Express Credit Scheme in the names of fictitious employees of the company, thereby cheating the bank to the tune of ₹1.24 crore.
Following investigation, the CBI filed a chargesheet on December 11, 2009, against the company, Senthil Kumar, G. Vaidyanathan, P.A. Sasi Kumar and P. Thanjai Chezian.
During the course of the trial, accused G. Vaidyanathan died and the charges against him were abated.
After completion of the trial, the court convicted and sentenced the accused accordingly.
TNT KS
