Bank fraud case: Court sentences six accused including then CEO-cum-chairman to three to five years of rigorous imprisonment

Chennai (Tamil Nadu) [India], June 2 : The Additional Chief Metropolitan Magistrate for CBI Cases, Egmore, Chennai (Tamil Nadu) on Friday sentenced accused P Senthilkumar, then CEO-cum-Chairman of Palpap Ichinichi Software International Ltd, Chennai to undergo five years rigorous imprisonment.
The Court also imposed a fine of Rs 1,25,000 on the accused P Senthilkumar.
According to the official statement, the court also sentenced the other five accused to undergo a three-year rigorous imprisonment.
"T.R. Dhanasekar, R. Karunanidhi, (both then Directors of SJS Network and Services Ltd, Chennai) J.Murali, B.Latha Bhas, P.Senthilkumar (other persons), all to undergo 3 years rigorous imprisonment with a total fine of Rs 1,25,000/- each in a Bank Fraud Case. The Court also imposed a fine of Rs One Lakh each to Palpap Ichinichi Software International Ltd, Chennai and SJS Network and Services (P) Ltd, Chennai," the official statement said.
Earlier CBI had registered a case on complaint from Indian Bank against the accused on 06.02.2008.
"It was alleged that Palpap Ichinichi Software International Ltd., Chennai represented by P.Sentilkumar, CEO cum Chairman and others and SJS Network and Services Ltd, Chennai represented by its Directors T.R. Dhanasekar and R.Kaunanidhi and others submitted false and forged documents, availed loan and failed to repay the loan amount, thereby causing loss to the tune of Rs 4.19 crore to Indian Bank," the release said.
After investigation, a Charge Sheet was filed on 20.10.2008 against the accused in the Court of Additional Chief Metropolitan Magistrate, Chennai. The Trial Court found the said accused guilty and convicted them.