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A team of the Central Bureau of Investigation (CBI) from Karnataka today took P K Iyer, vice-chairman of Deccan Chronicle Group, on transit remand to question him in a fraud case. He was arrested Saturday from a hotel in Bhubaneswar.
The CBI had filed a criminal case against key promoters of the Deccan Chronicle Holdings Ltd (DCHL) for defrauding Canara Bank.
Karnataka CBI officer Biswajit Das of the bank fraud cell had arrived in the city on Saturday evening to take Iyer on remand. Iyer will be first taken to Hyderabad to be produced before the Metropolitan Court and from there he will be taken to Bengaluru.
The special chief judicial magistrate (CJM) court today allowed the investigating team to take Iyer on a two-day transit remand.
Earlier this month, Deccan Chronicle group chairman T V Reddy was arrested by the CBI in Hyderabad along with his brother and managing director T Vinayak Ravi Reddy on charges of Rs 350 crore bank loan fraud case.
The officials in the dock include T Venkatram Reddy (chairman), T Vinayak Ravi Reddy (managing director) and P K Iyer (vice-chairman). The accused availed multiple short-term corporate loans by submitting false financial statements between 2009 and 2011.
