Bank officials arrested for fraud
Enforcement Directorate officers arrested
Officials produced in court
Hyderabad, June 14 (Namaste Telangana): In a case of bank fraud, the promoters of Deccan Chronicle Holdings Limited (DCHL), former directors T. Venkatram Reddy, P.K. Ayyar, and their statutory auditor Mani Ummen were arrested by the Enforcement Directorate (ED) officials on Wednesday. They were arrested for their involvement in the cases of defrauding Canara Bank and IDBI Bank. The ED officials informed that they were arrested with the intention of questioning them regarding these cases and to cooperate with the investigation.
They were produced in a special court under the Prevention of Money Laundering Act (PMLA) in Nampally, Hyderabad on Wednesday. DCHL’s promoters, through the banks, allegedly siphoned off Rs 800 crore in a case registered against Venkatram Reddy by the ED. The loans from 16 banks were used for personal gains. The CBI also registered a case against the loans. The loans were allegedly misused for personal benefits. Based on the CBI case, the ED filed a case against Venkatram Reddy in connection with the ED case involving Rs. 3,300 crore worth of assets attached.
ED had attached assets in Delhi, Hyderabad, Gurugram, Chennai, and Bengaluru related to the company in connection with the ED case.
