CBI arrests Deccan Chronicle Chairman T Venkatram Reddy

By: | Published: February 15, 2015 1:34 AM

The Chairman of a Hyderabad-based English daily Deccan Chronicle T Venkatram Reddy was today arrested by CBI...

The Chairman of a Hyderabad-based English daily Deccan Chronicle T Venkatram Reddy was arrested by CBI in connection with alleged default of Rs 357 crore loan from Canara Bank.

CBI sources said the arrest was in connection with a case registered by it against the company Deccan Chronicle Holdings Limited in July 2013 on the basis of a complaint from Canara Bank, Bangalore.

The agency had registered a case of alleged 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, CBI sources said.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition