Five sent to jail for cheating Indian Bank of Rs 4.19 crore

Chennai, June 2 A special CBI court here on Friday awarded various jail terms to five individuals from two firms who cheated the India Bank of a total of Rs 4.19 crore.

The court sentenced P. Senthilkumar, the then CEO-cum-Chairman of Palpap Ichinichi Software International Ltd, Chennai, to five years rigorous imprisonment while T.R. Dhanasekar and R. Karunanidhi, both then Directors of SJS Network and Services Ltd, Chennai, were sentenced to three years rigorous imprisonment.

J. Murali and B. Latha Bhas were also sentenced to three years of rigorous imprisonment.

In addition to the jail terms, the court imposed a fine of Rs 1,25,000 on all the accused. Furthermore, a fine of Rs 1 lakh each was imposed on Palpap Ichinichi Software International Ltd and SJS Network & Services (P) Ltd.

The CBI registered the case against them in 2008 based on a complaint from Indian Bank. It was alleged that Palpap Ichinichi Software International Ltd, represented by Senthilkumar and others, and SJS Network and Services Ltd, represented by Dhanasekar and Karunanidhi, availed loans based on fake documents. They failed to repay the loan amount, causing a loss of Rs 4.19 crore to the bank.

After the investigation, a charge sheet was filed in 2008 against the accused before the Court of Additional Chief Metropolitan Magistrate, Chennai.