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Hyderabad, Hyderabad CCS police filed a case against Deccan Chronicle director Vinayak Ravi Reddy’s daughter and business woman Anjana Reddy and several others for indulging in huge fraud in the name of Formula-1 Racing Franchise.
According to CCS police, the organizers had announced in the year 2011 that they will conduct Formula-1 Racing on the lines of IPL. Responding to it, business man Raghurama Krishnam Raju’s Company invested Rs 7.5 crore for Chennai franchise. But the organizers failed to conduct races. Raghurama Krishnam Raju company filed a petition in Nampally Court alleging that Machadar Motor Car Company, Anjana Reddy and other directors deceived him in the name of Formula-1 racing franchise. Following the directions of the Court, the CCS police filed a case and investigating the case.
The police recorded the version of Raghurama Krishnam Raju and former cricketer Chamundeshwarinath. The police clarified they have not arrested anybody yet. Reacting to Raghurama Krishnam Raju’s allegations that Chamundeshwarinath deceived him by behaving as a broker between him and Anjana Reddy, Chamundeshwarinath said both Raghurama Krishnam Raju and Anjana Reddy did business together. The same was revealed in the CCS police interrogation, he said. He explained that the racing didn’t take place as racing cars did not reach. He said the Company was incurring losses due to non-conduct of racing and nobody deceived anybody.
