New Delhi, Dec 21 (IANS): A magisterial court in Chennai has sentenced three individuals, including the former CEO cum Chairman of PalpapIchinichi Software International Ltd., to undergo five years of rigorous imprisonment.

The Additional Chief Metropolitan Magistrate for CBI Cases in Egmore, fined accused P. Senthil Kumar of over Rs 2 crore while S. Kalidasan and Thanjan Chezian were each fined Rs 1 lakh.

Additionally, the company, M/s. PalpapIchinichi Software International Ltd., was also fined Rs 1 lakh.

The case was registered based on a complaint from Bank of India, alleging that the accused fabricated loan accounts under the Star Personal Loan Scheme, causing a loss of Rs 206.87 lakh to the bank.

The accused had opened 149 loan accounts in the names of fictitious persons, claiming them as employees of the company, and obtained loans by fabricating documents.

After investigation, a charge sheet was filed in 2009, leading to the recent conviction of the accused by the trial court.