Chennai, May 23 -- The Additional Chief Metrpolitan Magistrate, Egmore, Chennai has convicted and sentenced three persons to undergo five years rigorous imprisonment in a Rs 1.24 crore bank fraud case.
The court also imposed a total fine of Rs.12.9 lakhs on them.
The case was registered by CBI, EOW, Chennai on November 14, 2008 based on complaint from State Bank of India, Administrative Unit, Chennai, alleging that M/s Palpap Ichinichi Software International Ltd. and others entered into a criminal conspiracy in the matter of sanctioning and disbursing personal loans under Express Credit Scheme in the names of fictitious employees of the company and cheated the bank to the tune of Rs.1.24 crores.
On completion of investigation the charge ...