Salim Hussain, a native of Uttar Pradesh involved in the business of exporting goods here, was also asked by the court to deposit a fine of Rs five lakh imposed so that Rs 4.75 lakh can be given to the 59-year-old wife of the deceased.
Additional Sessions Judge Vinay Kumar Khanna handed down the jail term to convict Salim, saying he was the "perpetrator of the crime" whose motive was to kill his own accountant Kailash Chand Sethi and blame the people with whom he had a business dispute to get rid of them.
"The convict Salim is sentenced to imprisonment for life and a fine of Rs 5,00,000 for the offence punishable under section 302 (murder)read with 120-B (criminal conspiracy) IPC," it added.
Salim was facing trial for the murder of his accountant Kailash Chand Sethi on October 6, 2007.
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Initially the police was investigating the case on the complaint lodged by Salim, who had alleged that six persons, who were present in his house at Greater Kailash here on the day of incident, had fired at him and also stabbed to death his accountant after an argument broke over a business transaction.
"Mobile call details and their locations were collected and it was found that all the suspects named by accused were present at their native places, in Bareilly at Uttar Pradesh at the time of the incident except suspect Irshad Ahmed," the police had added.
The police also found that Salim had falsely named those persons in his statement to implicate them in the case.