Media baron and Chairman of Deccan Chronicle Holdings Limited T Venkatrami Reddy, who has been escaping from being prosecuted for senior financial frauds, was finally arrested by the Central Bureau of Investigation sleuths on Saturday evening.
The owner and publisher of Deccan Chronicle and earlier promoter of Indian Premier League team Deccan Chargers, is facing number of cases both civil and criminal with regard to funds the company raised to meet its investment requirements, including for the IPL team, a retail business run under Odyssey and an aviation venture.
According to sources, the CBI team belonging to the Banking Security and Fraud Cell from Bangalore landed in the city on Saturday morning and began quizzing Venkatrami Reddy on the fraud charges at the CBI local headquarters at Koti. Later, around 5 pm, the CBI formally arrested the DCHL chairman.
He was then taken in the CBI vehicle to Osmania General Hospital and produced before a magistrate at his residence in Secunderabad. Venkatrami Reddy could be either sent to jail or the CBI could seek his custody.
Both DCHL and its chairman are facing several charges of fraud and criminal conspiracy filed by financial institutions from whom the company took loans worth more than Rs 600 crore. Known for his ostentatious life style, he owned a fleet of luxury cars. Apart from being a Steward at Hyderabad race Club, he sponsors horse racing.
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