Kochi: The Ernakulam Judicial First Class Magistrate K.S. Sarath Chandran has sentenced Pradeep Pachikkara, managing partner of Cybertech Financial Services, Thodupuzha, to one year imprisonment with a fine of Rs. 4,000 on charges of committing breach of the sub-broker agreement with JRG Securities Ltd, a broking company.
He was convicted under Section 409 of the Indian Penal Code (criminal breach of trust).
The prosecution case was that though a specific limit for the business to be carried out between the parties was fixed in the agreement, the accused had done business exceeding the limits, causing a loss of Rs.16.56 lakh to the broking company.
It was alleged that such loss was not remitted by Cybertech Financial Services.