New Delhi: The ED conducted simultaneous raids on premises of Deccan Chronicle promoters, T Venkattram Reddy and T Venkatravi Reddy in Banjara Hills, Secunderabad, and Delhi, in connection with a PMLA case based on an old CBI probe, where the agency had filed a chargesheet and arrested the former.Officials here said two luxury cars, Rs 5 lakh in demonetised currency, and several incriminating documents were recovered from the search operation. They added that probe officials also seized digital evidence during the raid, all of which would help the investigators to establish the money trail in the alleged money-laundering process. The Enforcement Directorate’s case is based on a bank fraud case registered by the Central Bureau of Investigation, where Deccan Chronicle had allegedly defrauded a consortium of banks off thousands of crores. Also Read – Uddhav bats for ‘Sena CM’The CBI had filed a charge-sheet in the case earlier and also arrested Venkattraman in the case in 2015. The ED had filed a money-laundering case after taking cognizance of the CBI charge-sheet in the case. The charge-sheet dealt with an alleged bank fraud of over Rs 2,000 crore, based on complaints from Canara Bank, Corporation Bank, Indian Overseas Bank, Central Bank of India, Andhra Bank, and IDBI Bank. The Reddys, along with other promoters of Deccan Chronicle had allegedly fabricated advertising revenue and painted a false rosy picture of the company’s financial health to get the loans and then diverted the loans for personal use and investment in other concerns. Also Read – Farooq demands unconditional release of all detainees in J&KAccording to the ED, some of the diverted loan amounts was used to invest in Deccan Chargers, an IPL cricket team, that was later suspended on charges of match-fixing. The diverted funds were also allegedly invested in one Odyssey India Limited. Another part of the funds was diverted to one Flyington Freighters Limited, which allegedly diverted around Rs 227.58 crore to purchase 12 cargo planes from Airbus. ED has said that further investigation in the case is underway.