Deccan Chronicle chairman booked for cheating
11 July 2013 5:08 AM IST
The CBI has registered a case of cheating and criminal conspiracy against newspaper publishing company Deccan Chronicle Holdings Limited (DHCL) chairman T Venkatarami Reddy. The case has been registered under Sections 120-B read with Section 420, 468 and 471 of the IPC based on a complaint lodged by the Canara Bank in connection with the ‘fraud’ perpetrated at its prime corporate branch, Secunderabad. Cases under the same sections are also registered against DCHL vice-chairman, managing director and its auditors.
The CBI has said in the FIR that during 2009-11 the accused entered into a criminal conspiracy to cheat Canara Bank, Secunderabad branch. They had availed Open Cash Credit limit with periodical enhancements and multiple short term corporate loans aggregating to approximately Rs. 1,230 crore from the bank, thereby availing excessive bank finance without adequate drawing power by allegedly submitting false and fabricated financial statements.
It is also alleged the accused utilised the short term corporate loans for purposes other than for which they were sanctioned by diverting the proceeds of various credit facilities.
The CBI has said in the FIR that during 2009-11 the accused entered into a criminal conspiracy to cheat Canara Bank, Secunderabad branch. They had availed Open Cash Credit limit with periodical enhancements and multiple short term corporate loans aggregating to approximately Rs. 1,230 crore from the bank, thereby availing excessive bank finance without adequate drawing power by allegedly submitting false and fabricated financial statements.
It is also alleged the accused utilised the short term corporate loans for purposes other than for which they were sanctioned by diverting the proceeds of various credit facilities.
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