New Delhi, June 05: The Central Bureau of Investigation (CBI) has registered a case against NDTV founder Prannoy Roy, his wife Radhika Roy, a private company and others for causing an alleged loss to a bank.
As reported, CBI sources told media that the agency has registered a case against Roy, his wife Radhika Roy, and a private company for allegedly causing a loss to a bank. The searches are being conducted at four places including Delhi and Dehradun.
It is yet to be confirmed whether the raids are in connection with NDTV or against the Roys in a personal capacity.
NDTV is a listed company that was founded in 1988 by Prannoy Roy and his wife Radhika.
How will Prannoy Roy justify this?
Radhika Roy and Prannoy Roy are alleged of holding a shell company with no income was given a loan of Rs.375 crores ($56 million) by ICICI at 19% interest. Within two days of receiving this loan, Prannoy Roy diverted Rs.21 crores ($3.11 million) to himself and Rs.71 crores ($10.5 million) to wife Radhika Roy as interest-free loans. Income Tax Dept. (ITD) took a dim view of these transactions and has questioned the whole deal as an attempt to evade taxes (report at the end of the post).
The Income Tax Department (ITD) has found that in October 2008, within two days of receiving Rs.375 crores loan from ICICI Bank, Prannoy Roy diverted Rs.21 crores to himself and Rs.71 crores to wife Radhika Roy as interest-free loans. The role of ICICI Bank was also under controversy in this murky deal because the loan was allotted to the shell company RRPR Holdings Private Limited, which controls NDTV.
RRPR (Radhika Roy and Prannoy Roy) is a shell company with no income having 50 percent shares each by husband and wife.
Another Income Tax Report of January 29, 2016, also details the complete fraudulent operations of Prannoy Roy through the shell company RRPL in controlling and bagging money in the name of Stock Exchange Listed company NDTV.
The two Income Tax Reports are published at the end of this report. PGurus already reported how Prannoy Roy syphoned Rs. 53.84 crores ($8 million) in 2010 into his personal account from RRPR Holdings after receiving more than Rs.350 crores ($52 million) from Reliance Group linked firm VCPL.
Income Tax report also exposes how Prannoy Roy’s shell company told blatant lies to the Tax department. To the ITD they stated that they had attached bank transaction details and Certificates of Deposit (CD)s. But the ITD says that it was a total lie and they never attached any such documents.
All this happened in the UPA era. Was Sonia Gandhi and then PM Manmohan Singh was patronising NDTV and Roys with the courteous pro-UPA stances?
Why was the CBI not allowed to act on above facts reported clearly in Income Tax reports?
This morning, when the CBI stepped up the raids on the house of Prannoy Roy, the NDTV is shamelessly attacking the agencies saying that it's a "concerted harassment of NDTV and its promoters" and an act to "destroy the institutions of India".
NDTV statement says: NDTV and its promoters will fight tirelessly against this witch-hunt by multiple agencies. We will not succumb to these attempts to blatantly undermine democracy and free speech in India.
The foulcry of NDTV about the so-called 'witch-hunt' is not enough now. NDTV is well established and well known for its Political witch hunt, anti-India reporting, ditching Hindutva forces, Pro Gandhi and Pro Congress reporting denting the novel standards of journalism and made it a money making degraded broadcasting machinery.
Notably, BJP MP Dr Subramanian Swamy had filed a complaint against New Delhi Television Limited (NDTV) seeking a probe by the Central Bureau of Investigation (CBI) and a money laundering probe by the Enforcement Directorate (ED). In a letter to Prime Minister (PM) Narendra Modi, Swamy demanded that the CBI and ED should question NDTV Network PLC’s (NNPLC) key shareholders including Prannoy Roy and wife Radhika Roy, Barkha Dutt, Vikram Chandra and Sonia Singh. Swamy alleged that certain people close to the former Finance Minister P Chidambaram are trying to save the main persons of NDTV and trying to provide an escape route to the TV channel. He further added that the case is in the arbitration stage and Reserve Bank of India (RBI) under Raghuram Rajan had tried to save NDTV through paying a meagre fine.
(With inputs from Pgurus)