Via PTI
NEW DELHI: The Enforcement Directorate has arrested T Venkatram Reddy, a former promoter of the Deccan Chronicle Holdings Restricted (DCHL), as a part of a cash laundering investigation connected to an alleged financial institution fraud case, legit assets mentioned on Tuesday.
Reddy used to be taken into custody below the Prevention of Cash Laundering (PMLA) by way of the federal company’s Hyderabad workplace, they mentioned.
The company had mentioned in 2020 that its probe discovered that “the 3 promoters of DCHL specifically P Okay Iyer, T Venkatram Reddy and T Vinayak Ravi Reddy hatched a well-planned conspiracy and manipulated the steadiness sheets of the corporate inflating the profits-advertisement earnings and grossly under-stated the monetary liabilities of the corporate to color a rosy image for years to cheat the banks and its shareholders.
” The corporate, at the moment, used to be acknowledged to be below company insolvency solution procedure. A solution plan for best Rs 400 crore has been authorized by way of the NCLT. The full mortgage fraud dedicated by way of DCHL and its promoters is estimated to be at Rs 8,180 crore, the company had mentioned.
The ED filed a PMLA case in opposition to the company and its promoters in 2015 after learning a CBI FIR registered to research the alleged financial institution mortgage default.
The corporate had submitted false and fabricated steadiness sheets concealing its precise borrowings from Canara Financial institution’s company lending department in Secunderabad, and from different banks; and had additionally alienated the protection hypothecated/mortgaged to Canara Financial institution. The full loss allegedly led to to Canara Financial institution is to the level of ‘357.77 crore (approx) as of 08.09.2012, as according to the FIR by way of CBI within the case.
ALSO READ: CBI books Deccan Chronicle chairman for dishonest
NEW DELHI: The Enforcement Directorate has arrested T Venkatram Reddy, a former promoter of the Deccan Chronicle Holdings Restricted (DCHL), as a part of a cash laundering investigation connected to an alleged financial institution fraud case, legit assets mentioned on Tuesday.
Reddy used to be taken into custody below the Prevention of Cash Laundering (PMLA) by way of the federal company’s Hyderabad workplace, they mentioned.
The company had mentioned in 2020 that its probe discovered that “the 3 promoters of DCHL specifically P Okay Iyer, T Venkatram Reddy and T Vinayak Ravi Reddy hatched a well-planned conspiracy and manipulated the steadiness sheets of the corporate inflating the profits-advertisement earnings and grossly under-stated the monetary liabilities of the corporate to color a rosy image for years to cheat the banks and its shareholders.googletag.cmd.push(serve as() googletag.show(‘div-gpt-ad-8052921-2’); );
” The corporate, at the moment, used to be acknowledged to be below company insolvency solution procedure. A solution plan for best Rs 400 crore has been authorized by way of the NCLT. The full mortgage fraud dedicated by way of DCHL and its promoters is estimated to be at Rs 8,180 crore, the company had mentioned.
The ED filed a PMLA case in opposition to the company and its promoters in 2015 after learning a CBI FIR registered to research the alleged financial institution mortgage default.
The corporate had submitted false and fabricated steadiness sheets concealing its precise borrowings from Canara Financial institution’s company lending department in Secunderabad, and from different banks; and had additionally alienated the protection hypothecated/mortgaged to Canara Financial institution. The full loss allegedly led to to Canara Financial institution is to the level of ‘357.77 crore (approx) as of 08.09.2012, as according to the FIR by way of CBI within the case.
ALSO READ: CBI books Deccan Chronicle chairman for dishonest