Bank loan fraud : ED attaches Rs 122 cr assets of Deccan Chronicle Holdings Limited

Assets worth over Rs 122 crore belonging to Deccan Chronicle Holdings Limited (DCHL) and its former promoters have been attached under the anti-money laundering law in connection with an alleged bank loan fraud case, the Enforcement Directorate (ED) said on Friday.

A total of 14 properties located in New Delhi, Hyderabad, Gurgaon, Chennai, Bangalore and a few other places that belong to DCHL, its former promoters T Venkatram Reddy and T Vinayakravi Reddy and that of a benami company “floated by them” have been attached, the central probe agency said in a statement. The company at present is under corporate insolvency resolution process but the attached properties are not covered under the process being adjudicated by the national company law tribunal (NCLT), the agency claimed. A resolution plan for only Rs 400 crore has been approved by the NCLT. The total loan fraud committed by DCHL and its promoters is estimated to be at Rs 8,180 crore, it claimed.