Rajesh Upadhyaya had denied 15 fraud-related charges in relation to more than a hundred false invoices which he issued while he was a director of the Emirates Park horse stud near Murrurundi.

The fake invoices totalled nearly $15 million.

Following a trial which began in the Sydney District Court in March, the jury found Upadhyaya guilty last week on 14 counts of a director/officer or member cheat or defraud and dishonestly obtaining financial advantage by deception.

He was found not guilty by direction on one charge of dishonestly obtaining financial advantage by deception.

The lengthy trial, before Judge Donna Woodburne, heard evidence of Upadhyaya’s criminal behaviour while he was working for the multi-million dollar horse stud.

Upadhyaya was responsible for ordering hay and oats to feed the foals and yearlings at Emirates Park between 2005 and 2010.

The crown maintained Upadhyaya had a controlling interest in two horse feed companies which supplied the farm, namely Tamworth Quality Grains and Feedpoint.

The court heard Upadhyaya charged Emirates Park for tens of thousands of tonnes of oats and hay, which was supposed to be provided by the companies, and was up to 10 times more than what could ever be consumed by horses on the farm or what was provided.

The crown case said a significant proportion of the goods invoiced were never actually supplied, leading to invoices which were false, claiming the money was then transferred from the feeding companies into another company, allegedly controlled by a family trust.

Upadhyaya then filtered the money back into his own pockets through various bank accounts, a credit card and other companies.

Following the verdict, Upadhyaya was ordered to front court again in July for sentencing on the charges by Judge Woodburne.

He was originally charged by police in Tamworth in 2011 and went to trial last June, before it was aborted after less than a fortnight when the defence counsel fell ill.

Upadhyaya remains on bail.