This story is from August 24, 2019

Searches on DCHL yielded incriminating documents: ED

Searches on DCHL yielded incriminating documents: ED
Hyderabad: A day after conducting searches on Deccan Chronicle Holdings Limited, the Enforcement Directorate, in a press release on Friday, said the searches led to the seizure of incriminating documents relating to immovable properties and digital evidences, two luxury cars and demonetised currency to the extent of Rs 5 lakh.
The ED release said there were allegations that the accused individuals, along with others, defrauded banks by availing loans projecting a false financial picture and fabricating advertising revenues.

In the press release, the directorate alleged that the accused diverted the loan amounts 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 (IPL team), Flyington Freighters Limited diverted Rs 227.85 crore to purchase 12 cargo planes from Airbus SAS France, Sieger Solutions Limited etc. causing massive losses and subsequent NPAs to the banks. ED alleged that the total outstanding amount due to all the banks by DCHL was pegged at more than Rs 8,000 crore
The ED on Thursday conducted searches at the residences of DCHL promoters T Venktram Reddy and T Vinayakravi Reddy at Banjara Hills, Secunderabad and Delhi to gather evidence of money laundering, and to trace proceeds of crime. The digital evidence is being analysed to trace the diversion of loan funds.
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