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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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Cancer-Causing Chemical Found In Odisha Fish Sample

Odisha mostly depends on Andhra Pradesh to meet its demand for fish. Last year, the total fish production in Odisha was around 6.5 lakh tonne

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Cancer
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Cancer-causing chemical formalin was found in fish stocks available in the markets here, an official said on Friday.

Traces of cancer-causing formalin were found in Pomfret fish samples, collected from the Unit-IV fish market in Bhubaneswar, said Fisheries and Animal Resources Development Department Secretary Vishal Gagan.

A 12-member team from the department collected samples of around nine varieties of fish including marine, freshwater, and brackish water from the market and Chilika Fresh outlets — fish retailers — on Friday.

While formalin content was found in Pomfret fish samples, Gagan said the entire stock will be destroyed if more fish tested positive.

After the Assam government banned the import of fish from Andhra Pradesh, the Odisha government on Thursday issued directions to examine the quality of fish being imported from Andhra Pradesh to detect the presence of formalin.

Verification samples at different fish markets in urban and rural areas will be taken up in order to prevent the sale of adulterated fish.
Verification samples at different fish markets in urban and rural areas will be taken up in order to prevent the sale of adulterated fish.

Formalin, a cancer-inducing chemical, is used to keep dead fish fresh and enhance their storage life.

Gagan also informed that a committee under the District Collectors will be formed to ensure that no prohibitory substances are used to preserve the stock.

“As only one out of nine samples has tested positive, we are now concentrating on collecting information from various parts of the state and will take an appropriate decision regarding a ban on fish imports,” he said.

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Verification samples at different fish markets in urban and rural areas will be taken up in order to prevent the sale of adulterated fish.

Odisha mostly depends on Andhra Pradesh to meet its demand for fish. Last year, the total fish production in Odisha was around 6.5 lakh tonne. (IANS)