United Bank of India AGM sentenced imprisonment by CBI

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On Monday, a special court that deals with cases investigated by the Central Bureau of Investigation (CBI) found a former assistant general manager of United Bank of India and four others guilty of tricking the bank out of Rs 18 crore. They were sentenced to various lengths of time in prison along with fines.

The judge in charge, JA Mohan, decided that Dhananjaya Reddy, who owns Nexxoft Infotel Ltd, and realtor K Sathyanarayana will each serve four years in prison and pay fines of Rs 10 crore and Rs 12 crore, respectively. The directors of Nexxoft, Nirmala and Dinesh Kavoor, were given one-year prison terms and fined Rs 1 lakh each. Rajesh Kumar Madhav, who was the assistant general manager of United Bank of India’s Cantonment branch at that time, was sentenced to one year in prison and fined Rs 50,000.

According to the public prosecutor, Shivananda Perla, the individuals deceived the bank by misusing a loan of Rs 16 crore that they had taken in 2009 for the purpose of purchasing software from a company based in Dubai. Instead of using the money as intended, they managed to cheat the bank out of a total of Rs 18 crore.

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