Deccan Chronicle Vice Chairman arrested in Rs 357 crore bank fraud case


Vice Chairman of the Deccan Chronicle Group, PK Iyer was arrested in Bhubaneswar in the early hours of Saturday, in an alleged connection with Rs 357 crore bank fraud.

“We had inputs from the state special director of intelligence that a suspect was staying in Trident Hotel and it might be Iyer, who is wanted in a fraud case being probed by the CBI. We raided his room and arrested him,” Bhubaneswar’s deputy commissioner of police Satyabrata Bhoi told Hindustan Times.

After the arrest, police informed the CBI and handed Iyer over to the central investigating agency.

Iyer was reportedly arrested at 2:30 am and had been avoiding arrest for long while hiding in Bhubaneswar after a non-bailable arrest warrant was issued against him in Hyderabad.

CBI arrested T Venkattram Reddy was also arrested in connection with the fraud case earlier this year.