The Enforcement Enforcement (ED) on Monday filed a charge sheet against AGS Infotech Private Limited and its director G. Dhananjaya Reddy before a special PMLA court in Bengaluru in a bank loan fraud case of Rs 23.73 crore allegedly committed by the company and its directors.
The court has taken cognisance of the prosecution complaint and fixed the matter for hearing at a latter date.
The ED initiated the money laundering investigation on the basis of a criminal case registered by the CBI against the director of AGS Infotech Ltd and others for cheating the United Bank of India to the tune of Rs 23.73 crore by fraudulent means in the matter of sanctioning and availing of credit facilities in the name of AGS lnfotech Ltd.
The ED has learnt that Reddy and the other accused persons cheated 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 they were sanctioned and thus committed the offence of money laundering.
“Reddy is a habitual offender and is the mastermind behind two other bank frauds committed through his two companies, namely Nexxoft Infotel Ltd and Ignis Technology Solutions Pvt Ltd,” the ED mentioned in the charge sheet.
Reddy was arrested by the ED earlier for his alleged involvement in two other PMLA cases.
