Prannoy Roy Violates FIBP, Illegally Brought In 12,000 Cr FDI

New Delhi: Prannoy Roy of NDTV has found himself in the spotlight again, if sources are to be believed. The NDTV promoter and head sees the needle of suspicion pointing towards him in violations related to Foreign Investment Promotion Board (FIPB).

To put it against some background--the PNB fraud has sent alarm bells ringing across the banking sector. Analysts say that the PNB scam may only be the proverbial tip of the iceberg. As it digs deeper, the Finance ministry may be led to open a bigger can of worms. This time, it is Prannoy Roy of NDTV, who has been accused of violation of Foreign Investment Promotion Board (FIPB).

According to a report in pgurus, during the UPA government under Chidambaram's tenure, NDTV was given approval to bring in a foreign direct investment (FDI) of Rs 585 crores. In doing so, however, it violated rules by getting in Rs 1200 crores.

This was discovered by CBI and ED in 2007, who also found that their shell company in London was shown as their foreign investor. The report cited the confession statement made by NDTV CEO K.V.L. Narayan Rao, who passed away in November, 2017.