The Odisha police in the early hours of Saturday, arrested P K Iyer, the vice-chairman of Deccan Chronicle Holdings Ltd (DCHL) from a hotel in Bhubaneswar.According to sources, Iyer had been staying in the hotel under the name Chitra Athwani. A CBI team from Bangalore is on its way to Bhubaneshwar to take custody of the vice-chairman.Iyer who was wanted by the CBI in connection with an alleged loan fraud to the tune of Rs 350 crore was arrested by 10 cops at 2:30 am from a posh hotel where he had been staying for the past two months with a fake ID, a report in the Times of India adds.PK Iyer joined Deccan Chronicle as director (finance) in 2001 and was a close aide of the company chairman T Venkattram Reddy, who was arrested by the CBI in February this year on charges of defrauding Canara Bank.In July 2013, CBI had registered cheating cases against several top guns in DCHL for availing multiple short term corporate loans by submitting false financial statements between 2008 and 2012.Sources in the CBI had alleged that the agency had found evidence that the DC promoters had "deliberately hatched a conspiracy to cheat and cause a loss to a tune of Rs 1,230 crore to the Canara Bank over a period of four years." The RBI had also fined 12 banks Rs 1.5 crore for not following proper guidelines in advancing loans to the DC group which had defaulted to the extent of Rs. 4000 crore.Read - Deccan Chronicle's VC arrested: A timeline of when trouble started for the media house