T Venkatram Reddy of Deccan Chronicle was arrested on charges of loan fraud
New Delhi: The chairman of a Hyderabad-based English daily Deccan Chronicle, T Venkatram Reddy, was on Saturday arrested by the CBI in connection with the alleged default of R357 crore loan from Canara Bank.
CBI sources said the arrest was in connection with a case registered by the bank against the company Deccan Chronicle Holdings Limited in July 2013 on the basis of a complaint from it’s Bangalore branch.
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. — Agencies