Free Press Journal

CBI files case against CARE, Deccan Chronicle, officials of United India in Rs 30 crore fraud


New Delhi: The Central Bureau of Investigation (CBI) on Friday filed a case against Deccan Chronicle Holdings Ltd, its chairman T Venkattram Reddy, CARE Rating Agency and officials of United India Insurance Company Ltd for a fraud worth Rs. 30.54 crore.

The United India Insurance officers made suspicious investments in the privately placed short-term unsecured redeemable non- convertible debentures by Deccan Chronicle Holdings in 2011 in violation of the regulations.

The suspected offences include criminal conspiracy, cheating and criminal misconduct by the public servant.