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CBI arrests Deccan Chronicle chairman and his brother

MUMBAI: The Central Bureau of Investigation (CBI) Saturday arrested Deccan Chronicle Holdings Ltd (DCHL) chairman T Venkatram Reddy and his brother and DCHL director T Vinayak Reddy in Hyderabad for non-payment of a Rs 350 crore (Rs 3.5 billion) loan from Canara Bank.

PTI report stated that the arrest was carried out by the Bangalore-based Banking Securities Fraud Cell of the CBI.

The Secunderabad branch of the Canara Bank had filed a complaint with the CBI’s Bangalore headquarters in 2013 after DCHL failed to repay a portion of Rs 1,230 crore (Rs 12.3 billion) loan availed by it.

The bank had alleged that it has suffered a loss of the tune of Rs 357.77 crore (Rs 3.58 billion) till September 2012 on account of the wrongful borrowings by DCHL.

The bank has accused Venkatram Reddy and the others of cheating by submitting false financial statements and of hiding liabilities and borrowings from other banks and financial institutions.