HYDERABAD: The Enforcement Directorate of Hyderabad Zonal Unit arrested former chairman and promoter of Deccan Chronicle Holdings Limited T Venkattram Reddy, former director of the company PK Iyer, and auditor Mani Oommen in the early hours of Wednesday.
The three persons appeared before the ED on Tuesday in connection with the allegation that they had committed fraud by raising a loan using fake documents and defaulting on repayment. The CBI registered almost six cases against Venkattram Reddy and the DCHL on charges of cheating banks.
The trio were produced in ED special court at Nampally, which remanded them to 14 days of judicial custody. The ED in October 2020, had attached properties worth Rs 8,000 crore belonging to Venkatram Reddy and the DCHL in Hyderabad, Delhi, Chennai, Bangalore, and Gurgaon.
The CBI, which also investigated the cases against them, alleged that the DCHL and Venkattram Reddy availed almost Rs 8,000 crore in loans in various banks by submitting fake documents. Venkattram Reddy was arrested by CBI in 2015 based on a complaint by the Canara Bank, Secunderabad, that the company had borrowed Rs 1200 crore using fake documents.