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Chennai, 23 May. The special court of the Central Bureau of Investigation (CBI), while giving its verdict in a major bank fraud case, has sentenced three accused to five years of rigorous imprisonment each. On May 22, 2026, the Court sent Senthil Kumar, MD & CEO of M/s Palpaap Ichinichi Software International Limited, P.A. Sasi Kumar and P. Thanjai Chejian were convicted. The court has also imposed a total fine of Rs 11.7 lakh on the three accused.

At the same time, a fine of Rs 1.2 lakh has been imposed on the company M/s Palpaap Ichinichi Software International Limited. CBI had registered this case on 14 November 2008 on the complaint of State Bank of India, Chennai. The allegation was that the company and its directors got personal loans sanctioned and obtained in the names of fictitious employees under the ‘Express Credit Scheme’. Through this criminal conspiracy, the accused defrauded the bank to the tune of Rs 1.24 crore.

After the completion of the CBI investigation, the charge sheet was filed on 11 December 2009. Another accused involved in the case is G. Vaidyanathan died during the trial, due to which the proceedings against him were dropped. According to CBI sources, the accused company was associated with the software sector. Taking advantage of the bank’s scheme, the accused prepared fake documents and got loans sanctioned in the names of fictitious employees. The amount received was used for personal gain.

The CBI Court, Chennai, in its judgment said that the accused deliberately defrauded the bank by hatching a conspiracy, causing loss of public money. The court, taking into account the evidence and statements of witnesses, convicted all three. This decision shows the strictness of CBI in financial fraud cases. This decision strengthens the CBI’s policy to monitor and take legal action especially against frauds committed by private companies against banks.