T Venkattram Reddy, chairman of Hyderabad-based Deccan Chronicle Holdings ltd (DCHl), was arrested by the Central Bureau of Investigation (CBI) on Friday on charges of bank loan fraud. Reddy, who was arrested following a complaint by Canara Bank, owes Rs350 crore to Canara Bank and another Rs250 crore to other banks.
According to sources, the CBI team began quizzing Reddy in Bangalore on Saturday evening. later, he was produced before a criminal court in Nampally. DCHl is the publisher of the Deccan Chronicle, the largest-circulated English daily of Hyderabad, and also published from many other centres in south India. Though many properties of the company have been seized it was not sufficient to recover all the dues of the banks.The court had, however, restrained the seizure of the printing presses of the company.