Financial Fraud By Management
Financial services and stock brokering firm KARVY filed a complaint alleging that promoters of the Deccan Chronicle Holdings Limited (DCHL) have resorted to financial fraud invoking provisions under Sections 420 (cheating), 406 (criminal breach of trust), 458 (wrongful restraint) and 471 (passing off forged documents as genuine).
Deccan Chronicle promoters T.Venkat Ramireddy, T.Vinayak Reddy, PK Ayyar were named in the Karvy complaint as being responsible for the fraud. Uma Maheshwar Reddy, a Karvy employee, filed a complaint in the Central Crime Police station in Hyderabad. The police then filed an FIR in the 12 additional chief metropolitan magistrate court in Hyderabad.
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