263 crore assets of Deccan Chronicle attached by ED

India Infoline News Service | Mumbai | March 29, 2017 09:07 IST

The alleged 1,162 crore bank credit fraud, asset case of DCHL (Deccan Chronicle Holdings Limited), has taken a new turn as ED (Enforcement Directorate) provisionally attached assets worth Rs 263 crore.

The alleged 1,162 crore bank credit fraud, asset case of DCHL (Deccan Chronicle Holdings Limited), has taken a new turn as ED (Enforcement Directorate) provisionally attached assets worth Rs 263 crore. The assets are in the form of land, residential properties, shares, bank balance, luxury cars and foreign currency.
DCHL has allegedly taken 111 loans amounting to Rs 10,000 core from 16 different banks during 2004-12. Some of the prominent banks such as Canara Bank, Andhra Bank, Indian Overseas Bank and Central Bank of India bear the brunt of this alleged monetary scam. The company has outstanding of more than Rs 2500 crore towards various banks as on September 30, 2012. 
The money taken as a loan by the company was used for different purposes. They pumped in a massive sum of money to buy Indian Premier League Franchisee, as alleged by ED.   

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