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DCHL chief arrested
Deccan Chronicle Holdings Limited (DCHL) chairman T Venkatram Reddy was arrested by the sleuths of the CBI on Saturday. He was taken into custody in an alleged cheating case involving Rs 350 crore from Canara Bank by using forged share certificates. CBI sources said the arrest was in connection with a case registered by it against DCHL in July 2013 on the basis of a complaint from Canara Bank, Bangalore.
Hyderabad: Deccan Chronicle Holdings Limited (DCHL) chairman T Venkatram Reddy was arrested by the sleuths of the CBI on Saturday. He was taken into custody in an alleged cheating case involving Rs 350 crore from Canara Bank by using forged share certificates. CBI sources said the arrest was in connection with a case registered by it against DCHL in July 2013 on the basis of a complaint from Canara Bank, Bangalore.
The agency had registered a case of cheating and criminal conspiracy against Venkatram Reddy in 2013. The bank had refused to restructure the loan taken by the company that had remained unpaid. Reddy was taken into custody by a CBI team from Bangalore after a brief questioning, sources said. Vice chairman and managing director of the company T Vinayak Ravi Reddy has also been arrested, the sources said.
Though Reddy was taken into custody in Bangalore two days ago, he was brought to Hyderabad along with his brother Ravi Reddy and some other directors and produced them before a CBI court. Later, Reddy was sent to Osmania Hospital for a medical checkup. The CBI is likely to take a transit warrant and shift him to Bangalore.
Venkatram Reddy has been charged under Sections of IPC- 420, 120b, 468 and 471 for willfully misleading banks and cheating and submitting fake documents for procuring loans. 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 are still in CBI custody of Bangalore, the sources said.
