Former TV9 CEO Ravi Prakash was arrested by the Banjara Hills Police on Saturday morning in a case related to misuse of funds. The Media Honcho was charged with siphoning off over Rs 18.31 crore from Associated Broadcasting Company Limited. Banjara Hills Police registered a case against Ravi Prakash under Sections 409, 418 and 420 of Indian Penal Code. Interrogation has begun Today over the siphoning off ABCL funds.
As per the complaint registered by Alandha Media & Entertainment Limited, Ravi Prakash and MKVN Murthy (Ex-Director of TV9) had withdraw Rs 18.31 crore as bonus or ex-gratia payments between the period September 2018 and May 2019 to fill their pockets. This money was withdrawn from the bank accounts of ABCL without substantiating any entitlement under Law. Ravi Prakash kept Rs 6.36 crore for himself, MKVN Murthy and another person identified as Clifford Pereira received Rs 5.97 crore each.
Banjara Hills Police say, Ravi Prakash was summoned twice to record his statement but he kept avoiding us. Today, We took him into custody and the car in which he had come to the police station was also seized.
Although they were CEO and Director of TV9 at that point of time, Ravi Prakash and MKVN Murthy aren’t entitled to receive such huge amounts without the consent of Shareholders & Directors of ABCL. They both asked the accounts team to treat it as bonus/ex-gratia for them inspite of not conducting any board meeting to take the approval.
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