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CBI Arrests Deccan Chronicle Chairman in Rs.357 Crore Bank Fraud Case

Deccan Chronicle chairman T Venkatram Reddy was arrested on Saturday afternoon by the CBI in a bank cheating and fraud case along with his brother T Vinayak Ravi Reddy.

He was charged with cheating Canara Bank involving Rs 357 crore. After arresting them at their office, they were taken to the Osmania General Hospital for a medical check-up.

The CBI earlier said in a statement: “It is alleged that the company had submitted false and fabricated balance sheets concealing its actual borrowings from Canara Bank’s corporate lending branch, Secunderabad, and other banks and had also alienated the security hypothecated/mortgaged to Canara Bank. The total loss allegedly caused to Canara Bank is to the extent of Rs. 357.77 crore (approx) as on 08.09.2012.”

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