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The Special Judge, CBI Cases, Bangalore (Karnataka) has sentenced Shri K. Anand @ Kebballi Anand; Shri H. S. Nagalingaswamy; Shri Chandrashekar; Shri H. K. Nagaraja (First Division Assistant), Mandya Urban Development Authority (MUDA), Mandya and Shri K. B. Harshan, all to undergo seven years Rigorous Imprisonment and imposed a total fine of Rs. 5,02,75,000/- in a case of criminal misconduct of misappropriating 5 cheques of MUDA amounting to Rs. One crore each. The Court has also ordered to award an amount of Rs. 5,02,00,000/- as compensation to Mandya Urban Development Authority (MUDA) which was victim in this case and forfeit the remaining fine amount to the State.
CBI had registered the instant case on the request of Karnataka Government on the allegations that Shri K. Anand (who was doing business in iron ore in the name of M/s A. R. Logistics), Shri Nagalingaswamy (CEO of M/s Future Farm & Estates Ltd.), Shri Chandrashekar (a real estate agent & Proprietor of M/s Akash Enterprises), Shri H. K. Nagaraja (a public servant / working as FDA in Mandya Urban Development Authority, Mandya) and Shri K. B. Harshan (a private person, employee of Shri K. Anand) had entered into a conspiracy and misappropriated five cheques amounting to Rs. One crore each issued by the then Commissioner of MUDA.
During investigation, it was found that the accused Shri Chandrashekhar opened Current Account in the name of his non-existent Proprietary concern M/s Akash Enterprises at Indian Bank, Mandya in 2012. Thereafter, in February, 2013, Shri K. Anand and Shri H. S. Nagalingaswamy with the assistance of Shri H. K. Nagaraja, working in MUDA, fraudulently obtained 5 cheques of Rs. One crore each issued by then Commissioner, MUDA from its SB Account, Allahabad Bank towards investment in Fixed Deposits in Indian Bank, Mandya. The accused wrote the account number of M/s Akash Enterprises in the payee column of these cheques and got the entire proceeds of these cheques fraudulently credited to the Current Account of M/s Akash Enterprises and misappropriated the amount. Thereafter, fake fixed deposit receipts were submitted to MUDA through Shri H. K. Nagaraja which were kept for record purposes. Shri K. B. Harshan assisted both Shri K. Anand and Shri H. S. Nagalingaswamy in this fraud by filling credit vouchers to deposit the cheques and making withdrawals and transfers from the account.
After investigation, CBI filed charge-sheet on 27.06.2015 against the accused.
The Trial Court found the accused guilty and convicted them.
