CBI registers FIR against Deccan chronicle for cheating United India Insurance

Central Bureau of Investigation has filed an FIR against Deccan Chronicle Holdings Ltd, its Chairman T Venkatram Reddy and others for allegedly cheating the United India Insurance of Rs 30.54 crore, officials said. A Balasubramanian, former deputy general manager of UIIC’s investment department and K L Kunjilwar (ex-chief manager) have also been booked along with SEBI-approved rating agency CARE – represented by its CEO Rajesh Mokashi, and IDFC – represented by its CFO Sunil Kakkar. It is alleged that as part of the criminal conspiracy, Balasubramanian and Kunjilwar made investments in short term unsecured redeemable non-convertible debentures issued by DCHL in 2011 which was not repaid by, causing a loss of Rs 30.54 crore to the public sector insurer, they said. “The investments were made on three different occasions deliberately in order to bypass the investment committee of UIIC,” the FIR alleged.