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A CBI court has convicted five people, including a banker, and fined them Rs 23 crore for cheating and producing forged documents to the United Bank of India, Cantonment branch, Bengaluru.
The convicted are Dhananjay Reddy, Nirmala, and Dinesh Kavoor, all directors of Nexxoft Infotel Ltd; K Satyanarayana, a real estate dealer; and Rajesh Kumar Madhav, the then AGM of United Bank of India, Cantonment branch.
The court convicted Reddy and Satyanarayana for cheating and forgery, sentenced them to simple imprisonment for four years, besides respectively fining them Rs 10 crore and Rs 12 crore, respectively.
Special Court Judge H A Mohan also directed Nexxoft Infotel Ltd to pay a penalty of Rs 1 crore. The court sentenced Nirmala and Kavoor to simple imprisonment for one year and fined them Rs 1 lakh each. The court ordered Madhav to undergo simple imprisonment for a year and pay a penalty of Rs 50,000.
CBI charge sheet
The CBI had filed a charge sheet for defrauding the United Bank of India to the tune of Rs 18.5 crore. In 2009, Nexxoft Infotel Ltd had taken a loan of Rs 16 crore to import software from a Dubai-based company.
Investigations revealed that the accused had not purchased any such software and diverted the loan amount to different persons, including real estate brokers. It was also detected subsequently that a property furnished as collateral security measuring 1.30 acres situated at Sadaramangala village in KR Puram hobli was in fact sold as sites. The company had also furnished fake encumbrance certificates and other revenue documents to the bank.
“The account had become an NPA (non-performing asset) in 2013. The CBI’s Economic Offences Wing, Chennai, had filed the charge sheet in the case," said B R Shivanand Perla, senior public prosecutor for the CBI.