File photo of Enforcement Directorate.
Raids were conducted at the residential and office premises of the chairman of the group and managing director to ‘gather evidence of money laundering and trace the proceeds of crime’, the federal agency said.
- LAST UPDATED:AUGUST 23, 2019, 20:38 IST
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New Delhi: The ED on Friday said it had raided the premises of the chairman and the managing director of Deccan Chronicle Holding Limited, and seized Rs 5 lakh in the demonetised currency in connection with a money-laundering probe linked to a multi-crore-rupee bank loan default case.
The federal agency, in a statement, said the raids were carried out in the Banjara Hills area of Hyderabad and in Secunderabad on Thursday against the media group that brought out English daily Deccan Chronicle.
The action was carried out under the provisions of the Prevention of Money Laundering Act (PMLA), it said.
Raids were conducted at the residential and office premises of the chairman of the group, T Venkatram Reddy, and managing director T Vinayak Ravi Reddy to “gather evidence of money laundering and trace the proceeds of crime”, it said.