Bank fraud case: Reddy brothers get bail

Hyderabad, Apr 16: A local court on Thursday granted bail to chairman of city-based English daily Deccan Chronicle T Venkatram Reddy and his brother and Vice-Chairman and Managing Director T Vinayak Ravi Reddy, who were arrested in a case of alleged bank fraud.

The Additional Chief Metropolitan Magistrate's court allowed the bail pleas of the Reddy brothers and granted them bail on condition of furnishing two sureties of Rs 5 lakh each. [Deccan Chronicle chief Venkattram Reddy arrested by CBI]

The court also imposed conditions on both of them that they should not tamper with evidence and leave the country without its prior permission.

A CBI team from Bengaluru arrested the two on February 14 in connection with alleged default of Rs 357 crore loan from Canara Bank.

They were later sent to judicial custody. The arrest of the top executives of the daily was in connection with a case registered by CBI against Deccan Chronicle Holdings Limited (DCHL) in July 2013 on the basis of a complaint from Canara Bank, Bengaluru.

The central agency's Banks and Securities Fraud Cell at Bengaluru had registered the case of alleged cheating and criminal conspiracy and under other relevant sections of IPC against Venkatram Reddy in 2013.

The bank had refused to restructure the loan taken by the company that had remained unpaid.

PTI