Religare Finvest of Punjab State advanced a sum of Rs.100 crores to Deccan Chronicle Holdings Ltd. which became a defaulter in repayment of the loan to the lending Finance Company. The lending company approached Chandigarh Police who in turn came down to Hyderabad yesterday with arrest warrants.
CBI also inspected the premises of DCHL and also at many places belong to the Directors of DCHL one week ago following the complaint made by Canara Bank for the default of the loan given by them.
Police arrested today the independent director of DCHL M.Sukumar Reddy who is also a realtor. They are yet to arrest Chairman T.Venakatrama Reddy, Vice Chairman T.Vinayak Ravi Reddy, M.D.P.K.Aiyer.
In the local case of Canara Bank, court has already given permission to CBI to probe further in to the case.
(AW-Srija)