New Delhi: On Wednesday, the Enforcement Directorate (ED) made three arrests related to a money-laundering probe into a bank fraud case involving Deccan Chronicle Holdings Limited (DCHL).
Promoter T Venkattram Reddy, ex-director P. K. Iyer, and statutory auditor Mani Oommen of DCHL have all been detained for violations of the Prevention of Money Laundering Act (PMLA).
The federal agency said in a statement that it opened the money-laundering investigation after receiving multiple First Information Reports (FIRs) alleging criminal conspiracy, cheating, and forgery by DCHL, its promoters, directors, and others. Additionally, the Securities and Exchange Board of India (SEBI) filed a prosecution complaint against the company and others.—Inputs from Agencies