Additional Sessions Judge Vimal Kumar Yadav gave seven years imprisonment to Rashid Ahmed and his woman accomplice Nurun Nahar Lovely and imposed a fine of 1.5 lakh each.
Once they pay the fine, Rashid and Nurun, who were arrested here in 2004, will be able to walk free.
"A period of seven/eight years is long one to change the face of mountains and course of the rivers. They have failed to share the pleasures, pains, and happiness with their families during these years," the court said.
It, however, acquitted their co-accused Mohammed Abaad Ali and Imam Raja, both Indian nationals.
While sentencing the Bangladeshis, the court considered the submission of their counsel and amicus curiae Dhirender Singh and took a lenient view saying "Rashid Ahmed is stated to be a renowned artist.
"The newspaper reports also vouch for it, which all goes to strengthen the fact that the convicts were the victims of circumstances and temptation of easy money lured them and they could not ward off the temptation of earning a quick buck with a religious trip to India as bonus."
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The prosecution had stated that on December 20, 2004, a team of officials of Directorate of Revenue Intelligence, based on a secret information, apprehended Nurun, Rashid along with two Indian nationals Abaad and Imam from a hotel at Pahar Ganj here.
During a search of their belongings, fake Indian currency notes of a face value Rs 45,98,000 were recovered from false cavities made in a suitcase.
Nurun and Rashid, however, maintained that they had come to India to visit Dargah Ajmer Sharif and that they have been implicated in the case.
After the case was highlighted by media recently, Bangladeshi government had expressed hope that the courts will take a sympathetic view and release the sculptor.