Top Deccan Chronicle Holdings Ltd official held

BHUBANESWAR: The Odisha Police arrested the vice chairman of Deccan Chronicle Holdings Ltd (DCHL), PK Iyer, who was wanted by CBI in connection with a case of fraud from a hotel in Bhubaneswar on Saturday.

“He has been handed been over to the CBI,” deputy commissioner of police Satyabrata Bhoi said. His arrest is based on a complaint by Canara Bank in 2013, which alleged that during 2009-2011, DCHL conspired to cheat the bank of Rs 358 crore by submitting false financial statements. DCHL and the Times Group, which publishes this magazine, compete in several markets.