A Chennai court has sentenced a CEO and two others to five years in prison for a bank fraud scheme that cost Bank of India ₹2 crore. The Additional Chief Metropolitan Magistrate for CBI cases in Egmore also imposed a hefty fine on the three convicts.
The Central Bureau of Investigation (CBI) registered the case in 2008 based on a complaint from Bank of India against P. Senthil Kumar, CEO and Chairman of PalpapItchinichi Software International Ltd., and others.
The accused allegedly opened 149 fake loan accounts under the Star Personal Loan Scheme at the bank’s Anna Salai branch in Chennai. They fabricated salary slips and identity cards to make it appear as if the loans were taken by employees of their company. The loans were never repaid, causing a significant financial loss to the bank.
After a thorough investigation, the CBI filed a charge sheet against the accused in 2009. Following the trial, the court found Senthil Kumar, S. Kalidasan alias H. Jayakumar, and Thanjan Chezian guilty and sentenced them to five years of imprisonment each. Senthil Kumar was slapped with a hefty fine of ₹2.07 crore, while the other two convicts were fined ₹1 lakh each.
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