A special CBI court in Chennai has convicted a private software company, its Managing Director, CEO, and two other individuals in connection with a bank fraud case involving fraudulent loans worth Rs 1.24 crore. The verdict was delivered after the completion of the trial by the CBI Court in Chennai on Friday. The convicted company is Palpap Ichinichi Software International Ltd., and the convicted individuals include the company’s Managing Director and CEO, Senthil Kumar, along with private persons P.A. Sasi Kumar and P. Thanjai Chezian.
The court sentenced Senthil Kumar, Sasi Kumar, and Thanjai Chezian to five years of rigorous imprisonment each and collectively fined them Rs 11.7 lakh. Additionally, a separate fine of Rs 1.2 lakh was imposed on the company, M/s Palpap Ichinichi Software International Ltd. The case originated from a complaint filed by the State Bank of India in Chennai on November 14, 2008, leading to the CBI’s investigation.
Allegations suggest that the convicted individuals were involved in a criminal conspiracy related to the sanction and disbursal of personal loans under the bank’s Express Credit Scheme. The accused allegedly obtained loans fraudulently in the names of fictitious employees linked to Palpap Ichinichi Software International Ltd., causing a significant financial loss to the bank. The fraudulent activities resulted in cheating the bank of around Rs 1.24 crore.
Following the investigation, the CBI filed a charge sheet on December 11, 2009, against the accused company, its MD and CEO P. Senthil Kumar, and private individuals G. Vaidyanathan, P.A. Sasi Kumar, and P. Thanjai Chezian. One of the accused, G. Vaidyanathan, passed away during the trial, leading to the abatement of charges against him. After evaluating the evidence and arguments, the court convicted the remaining accused and pronounced the sentence accordingly.
