The Enforcement Directorate Tuesday attached over 263 crore rupees of movable and immovable assets of the Hyderabad based Deccan Chronicle Holdings and Others in connection with a bank loan fraud case. The ED attached the assets in form of land, residential properties, shares, foreign currency and luxury cars.
According to government sources the Deccan Chronicle Holdings caused a loss of over 1100 crore rupees to six public sector banks including Andhra Bank, Canara Bank, Indian Overseas Bank, Central Bank of India, Corporation Bank and IDBI Bank. The Central Bureau of Investigation had registered cases under various section of Indian Penal Code.
The ED revealed that the DCHL has availed loans for working capital, purchase of capital goods and short term loans by overstating the receivables and under-stating huge loan liabilities by furnishing fabricated financial statements. The company had taken loans to a tune of ten thousand crore rupees from 16 different banks during 2004-12.