Iyer, has been evading arrest for long and hiding in Bhubaneswar after a non-bailable arrest warrant was issued against him in Hyderabad. He had been absconding for several months. The Bhubaneswar police arrested him on a tip-off received from its sources.
PK Iyer is the prime accused in a fraud case involving a loan of Rs 357 crore from Canara Bank. The CBI had earlier arrested Deccan Chronicle Group’s Chairman T Venkatram Reddy and Managing Director T Vinayak Ravi Reddy.
The Deccan Chronicle Group, which owns the highly circulated newspapers ‘Deccan Chronicle’ and ‘Asian Age’, owes more than Rs 4,000 crore to multiple lenders.