The vice chairman of Deccan Chronicle Holdings, PK Iyer was arrested earlier today in Bhubaneswar on account of alleged loan fraud, according to a report.
Ten cops from the Odisha police took Iyer into custody in the wee hours of this morning (2:30am) from a hotel that he had been reportedly residing at for over two months with a fake ID.
The Central Bureau of Investigation has been searching for Iyer since February after arresting T Venkatram Reddy (chairman, Deccan Chronicle) and his brother T Vinayak Ravi Reddy for an alleged fraud of Rs 357 crore suffered by Canara Bank. The case had been filed in 2013 against the trio for availing multiple short term loans by submitting false financial statements.
Iyer, who joined Deccan Chronicle as a finance director in 2001, will be turned over to the CBI team this afternoon, following which he will be produced before CJM court of CBI today after a medical test is conducted on him.