Central Bureau of Investigation (CBI) on Saturday arrested Deccan Chronicle owner and media baron T. Venkatrami Reddy in connection with fraud case.CBI arrested DCHL chairman T Venkattram Reddy along with his younger brother T Vinayaka Ravi Reddy, who is the managing director of the media firm.
The CBI's Bangalore team has arrested the duo and took them to produce them before a judge at his residence. The CBI team first questioned Reddy for the alleged banking fraud and later took him into their custody. Reddy brothers have been facing several cases for loan defaults of over Rs 4,000 cr owed to banks and institutions.
In 2013 Canara Bank approached CBI with a complaint on Deccan Chronicle Holdings Limited after it had failed to repay the loan dues amounting to around Rs 350 crore. Also another finance company Religare Finvest lent 100 crores to Deccan Chronicle and they also filed case against Reddy.
Venkatrami reddy was the ex-owner of IPL Deccan Charges team and he sold the franchise and it was renamed as Sunrisers.The CBI registered cases against the accused under sections 120-B read with 420, 468 and 471 of the IPC.He was later produced before a Magistrate at Nampally court.