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Rs 350 crore fraud: Deccan Chronicle Vice Chairman arrested in Bhubaneswar

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By NewsGram Staff Writer

P K Iyer, vice-chairman of Deccan Chronicle Holdings Ltd (DCHL), was arrested from a hotel in Bhubaneswar early in the morning on Saturday by the Odisha police.

Odisha Police later handed over Iyer, who was on the run, to the Central Bureau of Investigation (CBI), a police officer said.

“The CBI was looking for Iyer in connection with an alleged fraud to the tune of Rs.357 crore from Canara Bank,” said Deputy Commissioner of Police Satyabrat Bhoi.

He said Iyer was staying in the hotel in the name of Chitra Athwani for about two months and was planning to flee in the next two-three days.

“The accused had availed multiple short-term corporate loans by submitting false financial statements in 2009-11,” the officer added.

Police sources said Iyer had stayed in Kolkata and Port Blair before coming to Bhubaneswar.

The CBI will take him on transit remand for interrogation.

The Canara Bank had lodged a complaint with the CBI against the company’s promoters in 2013 after the company defaulted on a loan amounting to over Rs.350 crore.

A fraud case was registered against Iyer in Hyderabad.

Earlier this year, the chairman of Deccan Chronicle, T. Venkattram Reddy, was arrested by the CBI in Hyderabad along with his brother and managing director T. Vinayak Ravi Reddy.

The DCHL, which publishes the English daily Deccan Chronicle, argued that the arrests were made in violation of Supreme Court orders.

The Canara Bank alleged that they availed loans and cash credit aggregating to Rs.1,230 crore by submitting false and fabricated financial statements and by suppressing the borrowings taken from other banks.

The bank claimed that the total loss caused to it was about Rs.357.77 crore.

(With inputs from IANS)

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65% Indian Businesses Witness Rise in Online Fraud: Report

The study showed 65 per cent of the Indian consumers expect full transparency from businesses about use of their personal data

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Over the past one year, 65 per cent of Indian businesses have experienced increase in online fraud-related losses, including account takeover attacks and fraudulent account openings, says a report.

In India, 87 per cent of businesses expressed heightened concern about the potentially damaging impact of fraud, said the study by data analytics comapny Experian.

With insights from almost 6,000 Asia Pacific consumers, including India, the report found that the majority (71 per cent) value security as the most important element of an online experience, followed by convenience (15 per cent) and personalisation (14 per cent).

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Most fraudulent companies do not offer revisions, and when they do, they try to rip you offer again by asking you to pay for further editing. Pixabay

“While companies continue to innovate on new solutions that enhance the customer experience, there needs to be a focus on reducing the customer’s risk exposure by securing the data and information they currently access,” said Sathya Kalyanasundaram, Country Managing Director, Experian India.

The study showed 65 per cent of the Indian consumers expect full transparency from businesses about use of their personal data.

The report titled “2019 Experian Identity and Fraud Report: Asia-Pacific Edition” highlighted that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences. (IANS)