The Enforcement Directorate (ED) has attached assets worth Rs 122 crore to Deccan Chronicle Holdings Limited (DCHL) and its former promoters in a bank loan fraud case. The ED issued a statement on Friday saying that this action has been taken under the Prevention of Money Laundering Act. The properties of DCHL and its former promoters T Venkataram Reddy, T Vinayakarvi Reddy and a benami company formed by them are attached in New Delhi, Hyderabad, Gurugram, Chennai, Bangalore and some other places.
The ED claimed that the company is currently in the corporate insolvency resolution process. But, until the decision of the National Company Law Tribunal (NCLT), the attached property is kept out of it. The ED said that the NCLT has approved a resolution process of just Rs 400 crore. A total of Rs 8,180 crore was defrauded by DCHL and its erstwhile promoters.