Hyderabad, Feb.14 (Telemedia) : The over ambitious, highfly Chairman of the Deccan Chronicle Holdings Ltd. Thikkavarapu Venkatram Reddy the publisher of the Hyderabad based popular English daily Deccan Chronicle, who has been facing forgery and fraud charges was arrested by a Bangalore based team of Central Bureau of Investigation (CBI) led by its Superintendent of Police Chandrasekhar today. The cops who surrounded him coolly picked him up in their car for duping the Bangalore based Canara Bank to the tune of Rs.375 crore. An FIR was filed by CBI under section 120 (B) and 420 IPC. The arrest caused rise in blood pressure of the accused forcing the cops to shift him to Osmania hospital for medical care where he is currently undergoing treatment. He was taken into custody along with his brother Ravi Reddy.
Besides this case, Venkatram Reddy is also accused in several other cases including duping the share holders by providing false economic manipulative figures of his companies resulting in the loss of nearly Rs.6000 crore to the banks and other financial institutions.
Earlier, the Industrial Finance Corporation of India (IFCI) sought Andhra Pradesh High Court to close down the DCHL company under the relevant sections of the Companies Act. Another Hyderabad-based Karvy Group also filed a complaint against him again for alleged forgery and misrepresentation by its promoters.
It may be recalled Venkatrami Reddy is the son of late Tikkavarapu Chandrasekhar Reddy who was a Congress MP from Nellore. Venkatram Reddy’s uncle T.Subbirami Reddy (younger brother of late Chandrasekhar Reddy) is the chairman of Gayatri Constructions and a partner in several hotels including Kakatiya Sheraton and Novatel. Subbirami Reddy is also shot to fame with his role in the controversial cement smuggling during the construction of Nagarjunasagar dam.