Five-year rigorous imprisonment to chairman of private firm, two others in bank fraud
The Hindu
3 convicted to 5 years imprisonment & ₹2 crore fine in Bank of India fraud case by CBI.
The Additional Chief Metropolitan Magistrate for CBI cases, Egmore, has sentenced three persons including a chief executive officer-cum- chairman of a private company to imprisonment of five years in a bank fraud case. The court also imposed ₹2 crore fine on them.
The Central Bureau of Investigation (CBI) registered the case on a complaint from Bank of India in 2008 against P. Senthil Kumar, CEO cum Chairman of PalpapItchinichi Software International Ltd., and others. It was alleged that the accused opened 149 loan accounts under Star Personal Loan Scheme at Bank of India, Anna Salai Branch, Chennai in the names of fictitious persons showing them as employees of his company and got the loans sanctioned by fabricating salary slips and identity cards in their names. The loan amounts were not repaid, thereby causing loss to the tune of ₹2 crore to the bank.
After investigation, a charge sheet was filed in 2009 against the accused. At the conclusion of trial, the court found three guilty and convicted them. Senthil Kumar, S. Kalidasan alias H. Jayakumar and Thanjan Chezianare were sentenced to imprisonment of five years. While Senthil Kumar was fined ₹2.07 crore, ₹1 lakh each fine imposed on two others.
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