Fraud Case On Deccan Chronicle Scion Anjana Reddy

The Hyderabad CCS police filed a case against Deccan Chronicle director Vinayak Ravi Reddy's daughter and businesswoman Anjana Reddy and several others for indulging in fraud in the name of a Formula 1 racing franchise.

According to the CCS police, the organizers had announced in the year 2011 that they would conduct Formula 1 racing on the lines of the IPL. Responding to it, businessman Raghurama Krishnam Raju's Company invested Rs 7.5 crores for the Chennai franchise.

But the organizers failed to conduct the races. Raju's company then filed a petition in the Nampally court alleging that Machadar Motor Car Company, Anjana Reddy and other directors deceived him in the name of organizing Formula 1 racing. Following the directions of the court, the CCS police filed a case and are investigating the case.

The police recorded the version of Raghurama Krishnam Raju and former cricketer Chamundeswaranath. The police clarified they had not arrested anybody yet.

Reacting to Raju's allegations that Chamundeswaranath had deceived him by behaving as a broker between him and Anjana Reddy, Chamundeswaranath said that Raju and Reddy did business directly with each other, and that the same was revealed in the CCS police interrogation.

He explained that the racing didn't take place as the racing cars did not reach the country. He said that the company was incurring losses due to the non-conduct of racing, and that nobody deceived anybody.