Odisha Police have arrested PK Iyer, Vice Chairman of the Hyderabad-based Deccan Chronicle group, from a five-star hotel on Friday night.

Iyer, who was staying in a room booked in the name of a woman, had been on the run after CBI issued a non-bailable warrant against him. Iyer has been accused in a bank fraud, police said.

"The commissionerate police nabbed Iyer following a specific input. Iyer was handed over to CBI after preliminary health check up at a local hospital," Commissioner of Police RR Sharma said today, adding that Iyer had been staying there for the past two months under a fake identity.

Earlier, he had stayed incognito in Kolkata and Port Blair before coming to Bhubaneswar, sources said.

CBI in July, 2013, had registered cheating cases against Iyer, who had in 2009-2011 allegedly availed multiple short- term corporate loans by submitting false financial statement.

T Venkattram Reddy, the company’s chairman, was also arrested by CBI in connection with the fraud in February this year.

Police said Iyer will be produced before a local court for remand.