Court sends Venkatram Reddy to 5-day CBI custody

Hyderabad, Feb 21: A local court in Hyderabad has sent the Chairman and proprietor of the Deccan Chronicle Holdings Ltd T Venkatram Reddy to CBI custody for five days for further questioning. The court also directed the CBI to question Venkatram Reddy in the Sultan Bazar quarters of the CBI in Hyderabad. Venkatram Reddy, who is the chairman of Deccan Chronicle and The Asian Age group of publications, was arrested last Saturday after being interrogated by the CBI in connection with the Canara Bank cheating and fraud case that was filed in July 2013. Venkatram Reddy's brother T Vinayak Ravi Reddy, who is also the vice-chairman and managing editor of Deccan Chronicle Holdings Ltd, was arrested on similar charges in the same fraud case. As per the case file, Venkatram Reddy is said to have defrauded Canara Bank to the tune of Rs. 357 crore. CBI had registered cases under Sections 120-B r/w 420, 468 and 471 of the Indian Penal Code. In a related development, Venkatram Reddy's bail petition, filed by his counsel, is pending in the High Court in Hyderabad.