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Hyderabad, Dec. 15

The Chairman of Nagarjuna Group, Mr K.S. Raju, was today detained for questioning in the long-pending cases pertaining to Nagarjuna Finance Ltd (NFL), according to police. NFL, which was part of the Nagarjuna Group, had allegedly defaulted payment to hundreds of depositors and several cases in at least half-a-dozen States, were pending against it. The company officials were not accessible for comments. Mr Raju who is also the Managing Director of Nagarjuna Fertilisers and Chemicals Ltd (NFCL) and original promoter of NFL, had claimed that the group had divested NFL stake to a Mumbai-based company in September 2000 itself. Therefore, the onus was on the Mumbai company to pay the dues, he had said.

— Our Bureau

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