CBI arrests Deccan Chargers chief for forgery and bank fraud
CBI Arrests Deccan Chargers Chief T Venkatram Reddy For Forgery and Bank Fraud. Media mogul and erstwhile owner of the IPL team Deccan Chargers ,T Venkatram Reddy was today arrested by the CBI team from Bangalore for allegedly submitting forged share certificates to the Canara Bank for procuring a loan of Rs.350 crore .
Media mogul and erstwhile owner of the IPL team Deccan Chargers ,T Venkatram Reddy was today arrested by the CBI team from Bangalore for allegedly submitting forged share certificates to the Canara Bank for procuring a loan of Rs.350 crore .
CBI officials had taken custody of the Deccan Chronicle Holding Ltd chairman and owner Reddy at Bangalore two days ago in connection with the bank forgery case and had been grilling him. He was brought to Hyderabad along with his brother Ravi Reddy and some other directors and produced before a magistrate of CBI court of Nampally at his Magistrate's residence in Secunderabad.
Later he was sent to Osmania Hospital for a medical check up. His brother T.Vinayak Ravi Reddy and another official of the DCHL P K Iyer have also been taken into custody
Venkatram Reddy has been charged under sections of IPC- 420, 120b, 468 and 471 for willfully misleading the banks and cheating and submitting fake documents for procuring loans. Between 2009-2011 Since he raised the Deccan Chargers team of the IPL which had been a losing concern, Venkatram Reddy had raised nearly rs 1250 to 2000 crore loans from various private and public sector banks and defaulted.
The latest case was that he had raised a loan of Rs.357 crore from the Canara Bank by submitting forged documents which included balance sheets and share certificates. Reddy alleged owed Rs.50 crore to Andhra Bank, Rs.100 crore to Corporation Bank, Rs.50 crore to State Bank of Hyderabad and the rest from other private banks like Axis bank etc.
Most of the properties of the DC editor cum owner in Hyderabad including his Begumpet home and Kondapur Press have already been subpoenaed by the Banks and other financial institutions
According to CBI sources along with Venkararama Reddy , the CBI had grilled several Andhra Bank officials at Bangalore for having lent Rs.50 crore to a defaulter. At least five Andhra Bank officials were still in CBI custody of Bangalore .
Media baron T. Venkattram Reddy's flamboyant lifestyle, extravagance and aggressive attitude seem to have led to the present crisis of his business empire Deccan Chronicle Holdings Limited (DCHL). Reddy loves to flaunt his wealth and lead an ostentatious life. He comes to office in the most expensive cars. His fleet of luxury cars comprises Porsche Cayenne S, Rolls Royce Phantom, BMW, Land Rover, Lamborghini, Audi and Mercedes Benz to name a few.
Reddy also lavishly spends on horse racing. He owns a large number of horses that participate in races in various parts of the country winning several trophies. In fact, he sponsors a trophy in the name of his late father T. Chandrasekhar Reddy, former Congress MP, in the Hyderabad Race Club, Malakpet . It was only after 2005 that Reddy ventured into aviation, bookstore chain and Indian Premier League (IPL) sectors.