ED To Question TV9 Former CEO Ravi Prakash For Money Laundering

HYDERABAD: Enforcement Directorate (ED) filed a case against TV9 former Chief Executive Officer (CEO) Ravi Prakash under the Prevention of Money Laundering Act (PMLA).

ED said that summons would be issued to Ravi Prakash for questioning.

Ravi Prakash was arrested by the Banjara Hills police in October 2019 on allegations that he had fraudulently withdrawn Rs 18 crores from Associated Broadcasting Company Private Limited (ABCPL) which runs TV9 Telugu news channel besides a basket of news channels in other languages.

ABCPL lodged a criminal complaint against Ravi Prakash and two other directors MKVN Murthy, ex CFO, and Clifford Pereira alleging that they had fraudulently withdrawn Rs 18 crore from the company.

Months before the financial fraud, the Associate Broadcasting Company Private Limited was acquired by Alanda Media and Entertainment Private Limited. After the Banjara Hills police filed a case under sections pertaining to cheating, the ED stepped in to trace the trail of this alleged tainted money.

Following verification of accounts, it was established that Ravi Prakash, along with two other employees, had withdrawn Rs 18 crores without holding any board meeting and without securing proper approval of shareholders and company directors. Ravi Prakash has been named as A-1 accused in the case of fraudulent withdrawal of Rs 18 crores.