Deccan Chronicle promoters Venkatram Reddy and P.K. Iyer held

The ED has also arrested auditor of the company Mani Oommen in the same case.

Hyderabad: The Enforcement Directorate (ED) on Wednesday has arrested former promoters of Deccan Chronicle Holdings Private Limited (DCHL), T. Venkatram Reddy and P.K. Iyer in connection with a money laundering and bank fraud case.

The ED has also arrested auditor of the company Mani Oommen in the same case.

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The trio was questioned by the ED on Tuesday and arrested late in the evening for allegedly not cooperating with the investigation. They are being produced before a special Prevention of Money Laundering Act (PMLA) court in Hyderabad.

In 2013, a consortium of banks had complained to the Central Bureau of Investigation (CBI) about the nonpayment of loans, prompting the investigation agency to register a case.

The ED had taken up investigation into money laundering allegations based on the case registered by the CBI.

Back in 2015, the CBI had arrested Venkatram Reddy and his brother and another promoter T. Vinayak Ravi Reddy for allegedly defaulting on a loan of Rs 357 crore taken from Canara Bank.

The agency had provisionally attached assets worth Rs 386 crore belonging to Deccan Chronicle Holdings Limited.