CBI Court Sentences Three to Five Years RI in Rs. 1.24 Crore SBI Loan Fraud Case.
Chennai:
A special CBI court in Chennai has convicted a private software company and three individuals in connection with a bank fraud case involving fraudulent personal loans amounting to Rs 1.24 crore from the State Bank of India (SBI).
The convicted company, M/s Palpap Ichinichi Software International Ltd., along with its Managing Director and CEO P. Senthil Kumar, and private individuals P.A. Sasi Kumar and P. Thanjai Chezian, were found guilty of criminal conspiracy and cheating in the long-pending case investigated by the Central Bureau of Investigation (CBI).
The court sentenced the three accused individuals to five years of Rigorous Imprisonment (RI) and imposed a combined fine of Rs. 11.7 lakh. In addition, the court levied a separate fine of Rs. 1.2 lakh on the company.
According to the CBI, the case was registered on November 14, 2008, following a complaint filed by SBI, Chennai. The investigation revealed that the accused had allegedly conspired to obtain and disburse personal loans under the bank’s Express Credit Scheme by using the names of fictitious employees purportedly working for the company.
The fraudulent loans were sanctioned and released based on fabricated employee records and false documentation, causing a wrongful loss of approximately Rs. 1.24 crore to the bank.
After completing the investigation, the CBI filed a chargesheet on December 11, 2009, against the company and four individuals, including private person G. Vaidyanathan. However, during the course of the trial, Vaidyanathan passed away, and the charges against him were subsequently abated.
Following an extensive trial, the court found the remaining accused guilty and pronounced the sentence on May 22, 2026.
The conviction is being viewed as a significant development in the fight against banking and financial fraud, highlighting the role of investigative agencies in pursuing economic offences and ensuring accountability.
