CBI raids on NDTV founder Prannoy Roy residence

prannoy-roy-ndtvThe CBI carried out searches at the residence of NDTV founder Prannoy Roy, three other locations for allegedly causing loss to a private bank.The case is Rs.396cr fraud on ICICI Bank. This was reported in Dec 2010 by MJ Akbar.

CBI registered a case against Prannoy  Roy and his wife, Radhika Roy and others for causing an alleged loss to ICICI bank to the tune of 50 Crore. A case was registered by the banking fraud division of the CBI against NDTV’s Prannoy Roy and his wife Radhika. The ED and Income Tax department have been investigating the news channel since 2014.

The company took a loan of Rs 366 crore allegedly on personal guarantees of the promoters and settled for a repayment a year later that was Rs 50 crore less than the loaned amount.