Deccan Chronicle chief booked for cheating Canara Bank

According to the complaint, Venkatrami Reddy and Vinayak Ravi Reddy secured a loan of Rs 1,230 crore from the bank by furnishing forged documents

GN Bureau | July 9, 2013



In yet another blow to the debt-ridden Deccan Chronicle Holdings Private Limited, the CBI on Tuesday registered a cheating case against its chairman, T Venkatrami Reddy. Vice-chairman and managing director of the Hyderabad-based firm T Vinayak Ravi Reddy was also booked.

Both cases are based on a recent complaint lodged by Canara Bank.

According to the complaint, the accused secured a loan of Rs 1,230 crore from the bank by furnishing forged documents. The bank stated that the fraud was committed at its prime corporate branch in Secunderabad.

The CBI pressed charges against the accused under sections 120-B read with 420, 468 and 471 of the IPC. The action came a day after a CBI team from Bangalore conducted raids on the corporate office of DCHL in Secunderabad on Monday. The searches went on till late night during which the CBI sleuths were understood to have seized some documents.

The DCHL, whose flagship newspaper The Deccan Chronicle is one of the largest selling English dailies in the region, has been under the CBI scanner ever since Canara Bank found irregularities in the company’s balance sheet. The bank approached the agency after obtaining a forensic audit of the firm’s books.

As one of DCHL’s 24 lenders, Canara Bank has exposure amounting to Rs 400 crore with the beleaguered company. DCHL had allegedly entered into multiple banking arrangements without disclosing the extent of its indebtedness to others and used the financial information as of March 2011 to take a total debt of over Rs 4,300 crore.

Comments

 

Other News

When religion, politics and Bollywood come together

Tavleen Singh, noted journalist and political commentator, has turned to fiction, with her debut novel ‘The Actor’ (HaperCollins India). Set in the near future, it has a superstar, Amit Singh, turning to politics, when the political landscape is dominated by prime minister Guru Gaynendraj

Cabinet approves setting up of Integrated Transport & Logistics Authority

The union cabinet, chaired by prime minister Narendra Modi, on Tuesday approved the setting up of a Special Purpose Vehicle (SPV), called Integrated Transport & Logistics Authority (ITLA), to strengthen research, planning, appraisal, monitoring and impact assessment within the broad domains of Transp

Why foundational literacy and numeracy is key to school education

Foundational Literacy and Numeracy (FLN) are often described as the building blocks of education. Yet, their significance goes well beyond a child’s ability to read a sentence, write a response or solve a basic mathematical problem. These foundational skills shape how children understand the world,

When police data becomes the algorithm

For decades, policing has followed a familiar sequence: a crime occurs, the police respond, an investigation produces records and those records become part of the institutional memory of the criminal justice system. Artificial intelligence is beginning to alter that sequence. Instead of merely recording

Before India voted, the framers worried about the referee

“We are making a Constitution forever and not only for today.” Shibban Lal Saksena said this in the Constituent Assembly on June 15, 1949. He was warning that a ruling party might one day choose a loyalist to run India’s elections. Seventy-seven years later, the Supreme Court is wrestli

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter