Chennai, Aug. 29 -- The Principal Sessions Judge, Chennai, convicted and sentenced threeaccused to one year jail term, while acquitting one person in the 2007 Rs 4.70 crore bank fraudcase.
Of the total six accused, the Court, while abating the charges against the main accused followinghis death, also imposed a fine of Rs five lakh on a firm without convicting it, and a fine Rs 20,000each on the three convicted accused.
The judgement was delivered exactly 17 years after the chargesheet was filed in the case onAugust 29, 2008.
The CBI had registered the case on December 27, 2007 based on a complaint from the United Bankof India on the allegation that the main accused M.Palanichamy, Managing Director of M/s.GalaxyAmaze Kingdom Ltd., Chennai...