Tuesday, March 2, 2021
Home India Rs 350 crore fraud: Deccan Chronicle Vice Chairman arrested in Bhubaneswar

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

big_208929_1314264362

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)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

Mission Shakti Program: Girl Students In UP To Learn Self Defense

Under the ongoing Mission Shakti program, girl students in more than 40,000 upper primary schools will learn self-defense techniques between March 1 and 31. According...

AR Apps Powered By Apple App Store For Your Younger Ones

If you wish to aid the development of a scientific temper in your kids with the help of augmented reality (AR) on the occasion...

New AI Feature To Animate The Faces In Still Photos

 What if you could make your late grandfather in an old photo look up and smile at you? This and numerous other possibilities have...

Just One Vaccine Shot Reduces The Risk Of Being Hospitalized By Covid-19

Just one vaccine shot reduces the risk of being hospitalized by Covid-19 by more than 90 percent, according to new findings, Daily Mail reported....

Government of India Prepares a Master Plan To Promote Toy Industry

Guruprasad Mohapatra, Secretary for the Department for Promotion of Industry and Internal Trade, said that toys are of serious economic concern and a very...

Obstructive Sleep Apnea Linked To Lower Score Of Memory Skills

A disorder called obstructive sleep apnea that occurs when breathing is repeatedly interrupted during sleep is common in people with thinking and memory problems,...

How A Single Thought Or Argument Takes The Shape Of A Disease?

When we break the word 'disease', it comes through as 'dis' and 'ease' -- something that is not at ease. Anything which makes you...

Check Out New Courses For Journalism Field Offered By Google India

Data journalism, reverse visual search and mobile journalism are among the new courses that the Google News Initiative announced on Monday. The new courses are...

Recent Comments