The Enforcement Directorate has arrested Deccan Chronicle promoter Venkatraman Reddy on money laundering charges in a bank fraud case.
Venkatraman Reddy and PK Iyer were arrested by the ED earlier today and also the auditor Mani Oommen in the same case.
These three men will be presented in the Prevention of Money Laundering Act court in Hyderabad in some time now.
The ED has arrested the trio over complaints from Canara Bank and IDBI Bank over the non payment of loans. The agency has also attached properties worth Rs 264 crores in 14 different locations in Hyderabad, Bengaluru and Delhi.
The case was initially filed back in 2013 when multiple banks complained against Venkatram Reddy and his brother Vinayak Ravi Reddy for nonpayment of loans. They were arrested by the CBI in 2015 and two months later, Venkatram was let out on bail.
The total amount of loans and the subsequent interest charges pertaining to the Deccan Chronical has crept up to Rs 8180 crores.
