Chennai, Aug 29 (SocialNews.XYZ) Eighteen years after a case was registered, a Special CBI court here has sentenced three convicts, including a woman, to one year's imprisonment in a Rs 4.7 crore bank fraud case, an official said on Friday.
The Principal Sessions Judge, Chennai, on Thursday (August 28) also imposed a cumulative fine of Rs 5.6 lakh on the accused.
The case dates back to December 27, 2007, when the CBI initiated an investigation on a complaint from United Bank of India. According to the prosecution, M. Palanichamy, Managing Director of M/s Galaxy Amaze Kingdom Ltd, along with associates, entered into a criminal conspiracy to fraudulently avail large credit facilities from the bank.
The accused allegedly submitted forged and fabricated documents, causing wrongful loss of Rs 4.7 crore to United Bank of India while securing undue financial gain for themselves. After investigation, the CBI filed a chargesheet against six accused in August 2008.
Following a lengthy trial, the court delivered its verdict on Thursday.
The details of the judgment are as follows:
M. Palanichamy (charges abated following his demise), P. Parameswari (acquitted, not found guilty), M.P. Padmavathy Devi, M.P. Balaji Prakasam and P.G. Selvaraj– sentenced to one year imprisonment and fined Rs 20,000 each and M/s Galaxy Amaze Kingdom Ltd – fined Rs 5 lakh.
The judgment marks another significant conviction in CBI’s continuing crackdown on financial fraud cases affecting public sector banks.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz