Parmesh S Jain
Officials of the Directorate of Enforcement (ED) on Monday filed complaint against AGS Infotech Private Limited and its director G Dhananjaya Reddy before the Principal City Civil and Session, Special Court,Bangalore under PMLA in the matter of bank fraud to the tune of Rs.23.73 Crore committed by the company and its directors.
According to an official release,ED initiated money laundering investigation on the basis of a criminal case registered by CBI,Bangalore against Director of AGS Infotech Ltd,Bangalore and others for cheating the United Bank of India to the tune of Rs. 23.73 Crore by availing the loan in a fraudulent means.
Investigation revealed that the accused,G. Dhananjaya Reddy and other accused persons cheated the then United Bank of India and availed loan of Rs.23.73 Crore by creating collateral security on the basis of fabricated documents, diverted the loan proceeds for the purposes other than for which it was sanctioned and thus committed the offence of money laundering.
G Dhananjay Reddy is a habitual offender and is the mastermind behind two other bank frauds committed through his two other companies namely Nexxoft Infotel Ltd.and Ignis Technology Solutions Pvt. Ltd.
He was also arrested by ED earlier and separate prosecution under PMLA,2002 have been launched against G Dhananjay Reddy by the ED after attaching properties involved in money laundering worth Rs.7.58 Crore in other two PMLA cases recorded by ED.
