New Delhi: The Enforcement Directorate said it carried out searches at the residence and office premises of promoters of the Deccan Chronicle Holding Ltd. (DCHL) — T Venkatram Reddy and T Vinayakravi Reddy on Thursday and seized several incriminating documents relating to the immoveable properties and digital evidences in a bank fraud case.
The ED in a statement on Friday said the agency carried out searches at several locations in Hyderabad, Secundrabad and Delhi under the provisions of money laundering.
The financial probe agency has registered a case of money laundering on the basis of a CBI FIR filed in 2015 over alleged financial irregularities by DCHL after availing loans from banks.
The agency said it seized incriminating documents relating to immovable properties and digital evidences, two luxury cars and demonetized currency to the tune of Rs 5 lakh.
“The digital evidence is being analyzed further to trace the diversion of loan funds,” it said.
The agency said that the CBI chargesheeted total bank fraud of Rs 1161.93 crore, including Rs 357.77 crore of Canara Bank, Rs 225.77 crore of Andhra Bank, Rs 72.61 crore of IOB, Rs 72.03 crore of Central Bank of India, Rs 116.35 crore of Corporation Bank and Rs 317.4 crore of IDBI Bank.
According to ED, the total outstanding amount due to all the banks put together is now pegged at more than Rs 8,000 crore.
The ED has so far attached 19 immovable and moveble assets worth Rs 263 crore in 2017 in the case.
The agency said that 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 etc.
“The accused 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 (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 etc, causing massive losses and subsequent NPAs to the banks,” it added.