Formula One Case Continues To Haunt Anjana Reddy

Hyderabad: The Formula One case is back to haunt entrepreneur Anjana Reddy, after seven years.

Deccan Chronicle Holdings MD Vinayak Ravi Reddy's daughter Anjana Reddy is alleged to have collected several crores of rupees from investors to organise Formula One car racing in the city. However, the project failed to take off leaving the investors high and dry. 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.

However, 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. Anjana Reddy is said to have failed to return even the amount which was agreed upon. Hence, a case was registered against her, police said.