CBI arrests another popular media baron in connection with fraud case. Deccan Chronicle MD Venkatrami Reddy got arrested by CBI today evening in Hyderabad.Reddy who has been escaping from being prosecuted for financial frauds, was arrested by the Central Bureau of Investigation sleuths. Venkatrami reddy the ex-owner of IPL Deccan chargers team is facing several charges of fraud and criminal conspiracy and all the cases were filed by different financial institutions.

Some of the CBI officials specially came from Banglore to arrest Venkatrami reddy. They arrested T Venkattram Reddy along with his younger brother T Vinayaka Ravi Reddy, who is the managing director of the media firm. CBI sleuths questioned Reddy at his home and later announced that they will be taking him into custody.

It is alleged that Venkatrami Reddy and his brother vowed to several banks and financial institutions. They reportedly took loans to the tune of 700 crores from various banks using fake documents and by scaling the values of assets using fake means. Canara Bank lodged a complaint in March 2013 with the CBI against the DCHL management after it had failed to repay the loan dues amounting to around Rs 350 crore.

Venkatram Reddy has been charged under sections of IPC- 420, 120b, 468 and 471 for willfully misleading the banks and cheating and submitting fake documents for procuring loans.T. Venkattram Reddy's flamboyant lifestyle, extravagance and aggressive attitude seem to have led to the present crisis of his business empire Deccan Chronicle Holdings Limited (DCHL).Deccan Chronicle news paper run by the the company, was still a market leader in Hyderabad.