New Delhi, Aug 23 (UNI) Enforcement Directorate (ED) conducted simultaneous searches at the residences of promoters of Deccan Chronical Holding Ltd (DCHL) T Venkatram Reddy, T Vinayakravi Reddy and their offices on Thursday to gather evidence of money laundering and to trace the proceeds of crime, an official statement said here on Friday.
The raids were carried out at the houses of Reddys at Banjara Hills and Secundrabad in Hyderabad and in Delhi.
The ED team seized incriminating documents relating to immovable properties and digital evidences, two luxury cars and demonetized currency to the extent of Rs 5,00,000.
The digital evidence is being analyzed further to trace the diversion of loan funds.
The move comes after the multiple charge sheets were filed by CBI’s Banking Security and Fraud Cell, Bangalore in 2015-16 before the Chief Metropolitan Magistrate, Hyderabad against DCHL and its owner promoters T Venkatram Reddy and T Vinayakravi Reddy.
“The total Bank fraud which was charge sheeted by CBI included Rs 357.77 crore of Canara Bank, Rs 225.77 crore of Andhra Bank, Rs 72.61 crore of Indian Overseas Bank, Rs 72.03 Crore of Central Bank of India, Rs 116.35 crore of Corporation Bank and Rs 317.4 crore of IDBI Bank totaling to Rs 1161.93 crore,” the probe agency said.
ED had already attached 19 immovable and movable assets worth Rs 263 crore in 2017.
The total outstanding amount due to all the Banks put together is now pegged at more than Rs 8000 crore.
“There are allegations that the accused individuals and others defrauded the Banks by availing loans by projecting a false rosy financial picture and fabricated advertising revenues and then subsequently diverted the funds from the stated business purposes for their personal enrichment and also fraudulently invested in other concerns like Odyssey India Limited, Deccan Chargers Sporting Ventures Limited (an IPL Team which was suspended for match fixing), Flyington Freighters Limited (diverted Rs 227.85 Crore to purchase 12 cargo planes from Airbus SAS France), Sieger Solutions Limited causing massive losses and subsequent NPAs to the Banks," the ED said in the statement.