The court has taken cognisance of the prosecution complaint and fixed the matter for hearing at a later 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 ₹23.73 crore by fraudulent means in the matter of sanctioning and availing of credit facilities in the name of AGS lnfotech Ltd," the financial probe agency said in a statement.
During the investigation, it was revealed that Reddy and other accused persons cheated United Bank of India and took a loan of ₹23.73 crore by creating collateral security on the basis of fabricated documents, and diverted the loan proceeds for purposes other than for which they were 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 companies, namely Nexxoft Infotel Ltd and Ignis Technology Solutions Pvt Ltd," the ED mentioned in the charge sheet.
He was also arrested by ED earlier and a separate prosecution under PMLA 2002 has been launched against him by the ED after attaching properties involved in money laundering worth ₹7.58 crore.
