Court hands jail term to 5 in Rs 18.34cr bank loan fraud case

Bengaluru, Aug 8 A Special CBI Court in Bengaluru has handed various jail terms to five accused individuals in connection with a Rs 18.34 crore loan fraud case, and also imposed a total fine of Rs 23.02 crore.

G Dhananjaya Reddy, Director of NexxoftInfotel Ltd was sentenced to undergo four years imprisonment with fine of Rs 10 crore; K. Satyanarayana to undergo four years' imprisoment with fine of Rs 12 crore; G. Nirmala, MD of the company to undergo one year imprisonment with fine of Rs 1 Lakh.

Besides, Dinesh Kavoor, director of the company was awarded one year imprisonment with fine of Rs 1 lakh and Rajesh Kumar Madhav, then AGM at UBI branch was sentenced to undergo one year imprisonment with fine of Rs 50,000.

The court has also imposed a fine of Rs 1 crore on NexxoftInfotel Ltd.

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