Rs 4.7 Crore Fraud in PNB(e-UBI), Court sentenced Accused to Jail

The Principal Sessions Judge in CBI Court Chennai delivered a judgment on 28 August 2025, convicting four accused persons in a major bank fraud case. The court sentenced them to imprisonment and also imposed a total fine of ₹5,60,000.

This case was originally registered by the Central Bureau of Investigation (CBI) on 27 December 2007, following a complaint from United Bank of India (now merged with PNB). The complaint alleged that M. Palanichamy, the Managing Director of M/s. Galaxy Amaze Kingdom Ltd., Chennai, along with others, had entered into a criminal conspiracy.

United Bank of India (UBI) was an Indian public sector bank headquartered in Kolkata. It was established in 1950 and nationalized in 1969. In 2020, UBI was amalgamated with Punjab National Bank (PNB) along with the Oriental Bank of Commerce.

They were accused of dishonestly obtaining large credit facilities from the bank by submitting false and forged documents. This resulted in a loss of about ₹4.70 crore to the bank.

After investigation, the CBI filed a charge sheet on 29 August 2008 against six accused individuals. Following a full trial, the court found four of them guilty and awarded appropriate sentences along with fines.

The details of Judgment are as follows:

Accused No	Name of the Accused	Judgment
A1	M. Palanichamy, Managing Director of M/s.Galaxy Amaze Kingdom Ltd., Chennai	Expired- Charges Abated
A2	P. Parameswari   (Private Person)	Acquitted – not found guilty
A3	M.P. Padmavathy  Devi  (Private Person)	1 Year Imprisonment and total  fine of Rs. 20,000
A4	M.P. Balaji Prakasam (Private Person)	1 Year Imprisonment and total  fine of Rs. 20,000
A5	M/s Galaxy Amaze Kingdom Ltd.	To Pay fine of Rs. 5 lakh
A6	P.G. Selvaraj  (Private Person)	1 Year Imprisonment and total  fine of Rs. 20,000