CEO of IT company gets 5-yr jail for using fake docu to avail loan
The court also sentenced five more suspects in the case to 3 years’ rigorous imprisonment.
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CHENNAI: A CBI court in Chennai sentenced a former CEO-cum-chairman of a software firm to 5 years’ rigorous imprisonment on Friday, and slapped a fine of Rs 1.25 lakh after finding him guilty of availing several crores loan from Indian Bank using fake documents.
The court also sentenced five more suspects in the case to 3 years’ rigorous imprisonment. The CBI had registered a case against them based on a complaint from Indian Bank in 2008.
It was alleged that Palpap Ichinichi Software International, Chennai, represented by P Senthilkumar and SJS Network and Services, Chennai, represented by its directors TR Dhanasekar and R Karunanidhi and others, submitted false and forged documents, availed loan and failed to repay the amount, thereby causing Rs 4.19 cr loss to the bank.
The charge-sheet was filed in the same year and after 15 years of trial, Additional Chief Metropolitan Magistrate, Chennai, found them guilty and sentenced them. Senthilkumar was sentenced to 5 years in jail, Dhanasekar, Karunanidhi and a few other associates were sentenced to 3 years in jail.
The court also imposed a fine of Rs 1 lakh each to the companies — Palpap Ichinichi and SJS Network.