Published On : Mon, Jun 5th, 2017

CBI raids NDTV co-founder Prannoy Roy’s residence

New Delhi Television (NDTV) co-founder and executive chairperson Prannoy Roy’s Delhi residence was today raided by the Central Bureau of Investigation department in the early hours. The reason behind the raids is not known yet.

CBI registered a case against Prannoy, Radhika Roy and others for causing an alleged loss to ICICI Bank to the tune of 48 crore, says news agency ANI quoting CBI sources.

Rajya Sabha MP Dr Subramanian Swamy had last year written a letter to Prime Minister Narendra Modi, accusing NDTV of money laundering. He had urged the PM to direct the CBI to file a case against NDTV under the Prevention of Corruption Act.

In April last year, the income-tax department had served a tax notice to RRPR Holding, a promoter group company of listed broadcaster New Delhi Television on two transactions dating back to 2009-10, totalling a sum of nearly Rs 500 crore (Rs 5 billion).

According to the I-T notice, served earlier this year, the first of the two transactions was a Rs 403.85-crore (Rs 4.03 billion) “interest-free loan” granted by Vishvapradhan Commercial Pvt Ltd (VCPL) in July 2009. Read more on that here.