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DCHL owner in CBI custody for five days, bail petition pending
The CBI court today gave five days custody of the Deccan Chronicle T Venkatrama Reddy and his younger brother Vinayak Ravi Reddy to the CBI .
The court has directed the CBI that the chairman and proprietor of the Deccan Chronicle Holdings Ltd arrested in the bank fraud scam should be questioned in the Sultan Bazar quarters of the CBI at Hyderabad.
The chairman of Deccan Chronicle and The Asian Age group of publications, was arrested on Saturday afternoon after being interrogated by the Central Bureau of Investigation in connection with a bank cheating and fraud case filed in July 2013.
His brother T Vinayak Ravi Reddy, who is vice-chairman and managing editor of Deccan Chronicle Holdings Ltd, was also arrested over charges in the same case.
The case is related to the alleged fraud of Rs. 357 crore suffered by Canara Bank; it was registered under Sections 120-B r/w 420, 468 and 471 of the Indian Penal Code.
The CBI had filed a criminal case against the three key promoters of the Deccan Chronicle media group (DC).T Venkatram Reddy (chairman), T Vinayak Ravi Reddy (managing director) and PK Iyer (vice-chairman) - for allegedly defrauding Canara Bank.
Meanwhile the bail petition filed by counsel for Venkatrami Reddy is still pending in the Hyderabad high court .
