Hyderabad sources have made a statement that the Formula One case is back to haunt entrepreneur Anjana Reddy, after seven years. Meanwhile it was stated that Deccan Chronicle Holdings MD Vinayak Ravi Reddy's daughter Anjana Reddy is alleged to have collected several crores of rupees from investors to organize Formula One car racing in the city.
Meanwhile however, the project failed to take off leaving the investors high and dry. Earlier on Saturday, the city police registered cheating cases against Anjana Reddy and three others in relation to the case. BJP leader Raghuram Krishnamraju filed a case on this issue, seven years ago.
Furthermore the police said no arrests were made nor were notices issued
to anyone in the cheating case. Noted industrialist V Chamundeswaranath is said
to have brokered a deal for securing Rs 8 crore for the Formula One project.
However, after the project failed, a deal was reached to return a part of that
money. Accordingly Anjana Reddy is said to have failed to return even the
amount which was agreed upon. Hence, a case was registered against her.
