INDIA. Mumbai: Five officials, including the former CEO-cum-Chairman of Palpap Ichinichi Software International Ltd in Chennai, have been handed jail sentences in a bank fraud case amounting to Rs 4.19 crore. The verdict was pronounced by the special CBI court in Chennai on Friday.
According to an official statement, P. Senthilkumar, who served as the CEO-cum-Chairman of Palpap Ichinichi Software International Ltd, was sentenced to five years of rigorous imprisonment. T.R. Dhanasekar and R. Karunanidhi, both former directors of SJS Network and Services Ltd in Chennai, were sentenced to three years of rigorous imprisonment. Additionally, J. Murali and B. Latha Bhas, other officials involved, received three-year prison terms.
The court also imposed a fine of Rs 1,25,000 on each of the accused. Furthermore, Palpap Ichinichi Software International Ltd and SJS Network & Services (P) Ltd were each fined Rs 1 lakh.
The Central Bureau of Investigation (CBI) initiated the case against the accused in 2008 following a complaint lodged by Indian Bank. Palpap Ichinichi Software International Ltd, represented by Senthilkumar and others, as well as SJS Network and Services Ltd, represented by Dhanasekar and Karunanidhi, obtained loans based on forged documents. They subsequently defaulted on loan repayments, resulting in a loss of Rs 4.19 crore to the bank, as stated in the official release.
After an extensive investigation, the CBI filed a charge sheet against the accused on October 20, 2008, before the Court of Additional Chief Metropolitan Magistrate in Chennai. The court concluded that the CBI successfully substantiated the prosecution’s case and found the accused guilty.
Palpap Ichinichi Software International Limited was incorporated on March 21, 2000, and registered at the Registrar of Companies in Chennai. The company, classified as a non-governmental organization, was primarily involved in website maintenance and multimedia presentation creation for various firms. Additionally, it provided Enterprise Resource Planning (ERP) software to educational institutes.
The company boasted of its exceptional service and support, earning recognition from clients and customers alike, while adhering closely to ISO 9001 international quality standards.