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  India   All India  22 Aug 2019  CBI books Prannoy Roy, wife for violation of FDI rules

CBI books Prannoy Roy, wife for violation of FDI rules

THE ASIAN AGE.
Published : Aug 22, 2019, 6:15 am IST
Updated : Aug 22, 2019, 6:15 am IST

The CBI has alleged that Fuse Media Holding LP and Jefferies International brought in funds to the tune of USD 120 million in NNPLC.

NDTV founder Prannoy Roy. (Photo: Twitter | ANI)
 NDTV founder Prannoy Roy. (Photo: Twitter | ANI)

New Delhi: The CBI has booked NDTV promoters Prannoy Roy, his wife Radhika Roy and others in a new case for the alleged violation of foreign direct investment rules. This is the second FIR against NDTV as the CBI is already probing a case of the alleged bank loan default against the company.

Besides the Roys, the agency registered an FIR against then CEO Vikramaditya Chandra as well as unidentified government officials on charges of criminal conspiracy, cheating and corruption, sources in the agency said. The agency sleuths also conducted searches at Chandra’s premises on Wednesday.

“It is alleged that these transactions are sham transactions and aforementioned funds are invested by unknown public servants through NDTV Ltd and later laundered back to India through multiple layers of complex transactions and shell companies” said the agency.

Under the CBI scanner are mainly two transactions pertaining to investments in foreign subsidiaries of NDTV — NDTV Networks Plc (NNPLC) and NDTV Networks BV — based in London, UK, and Nether-lands respectively, they said.

The NDTV, however, called this action by the agency “continued persecution of free press”.

The CBI has alleged that Fuse Media Holding LP and Jefferies International brought in funds to the tune of USD 120 million in NNPLC. While Fuse media purchased 4.5 to 5 per cent in NNPLC in March, 2007, funds by Jefferies were brought in by using step up coupon convertible bonds in May, 2007, they said. The second set of transactions mentioned in the CBI FIR pertains to pumping of $150 million in Netherlands-based NDTV Networks BV by NBCU, a subsidiary of General Electric, US, they said, adding NBCU transferred the amount from the account of its subsidiary Universal Studios lnternational BV, Netherlands on May 23, 2008.

Tags: prannoy roy, radhika roy