The Enforcement Directorate(ED), under the provisions of the Prevention of Money Laundering Act, has attached Deccan Chronicle Holdings Limited (DCHL) properties worth rupees. 263.10 crore in a bank loan fraud case. Based on a CBI FIR, ED has filed a case against the company and others.
CBI filed a charge sheet against chairman and vice chairman of DCHL and others for causing an alleged loss of Rs 357.77 crores roughly to Canara bank.
As per the CBI, it was suspected that the accused had conspired among themselves to cheat Canara Bank, Secunderabad, of an amount of Rs.357.77 crores approximately. For this purpose, DHCL allegedly Open Cash Credit limits (OCC) with later enhancements and Multiple Short Term Corporate Loans (STCLs), by submitting fabricated financial statements, and by suppressing information regarding the loans taken from other banks.
The CBI had already registered five additional FIRs relating to five PSU Banks and filed 6 charge sheets for causing wrongful loss of Rs. 1,161.93 crore. The banks include Canara Bank, Andhra Bank, Indian Overseas Bank, Central Bank of India, Corporation Bank and IDBI Bank.
