At last the Securities and Exchange Board of India (SEBI) has cracked down on the frauds committed by Prannoy Roy, his wife Radhika Roy and their shell firm RRPR Holdings Ltd. The Roys were caught laundering and siphoning huge amounts of money from the publicly listed NDTV and cheating its other shareholders. SEBI’s Order on June 14 is a vindication of the FIRs filed by CBI and ED in mid-2017.
Now the billion dollar question is why the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have not yet summoned the accused Prannoy Roy and wife Radhika for the past two years after conducting raids at their homes. The CBI raided Prannoy Roy’s home in June 2017 for cheating ICICI Bank of more than Rs.45 crores. In connivance with the top officers of ICICI Bank, Prannoy Roy took a loan of around Rs.375 crores (in 2008) in the name of his shell firm RRPR Holdings Limited showing the face of NDTV. He was misusing his position as NDTV’s Chief and taking a loan in the name of his shell firm RRPR Holdings. RRPR for those who don’t know is Radhika Roy and Prannoy Roy. This shell firm has only two owners – Mr & Mrs 420 (Prannoy Roy & Wife).
Within 12 months, they pay ICICI back by getting a reduction of Rs.45 crores. Obviously, this big fraud was committed in connivance with top ICICI officers including K V Kamath and Chanda Kochhar. Actually, this big fraud was first reported by Sunday Guardian, then headed by M J Akbar in 2010.
Now the CBI has found out that these Rs.45 crores saved from ICICI Bank loan were diverted by the husband-wife team to buy a palatial home in Cape Town, South Africa.
It is baffling that the CBI has not yet summoned Roy and his wife although they registered a First Information Report (FIR) and raided their home in June 2017. It is known to all that those days CBI was forced to go slow by Prannoy Roy-friendly people in Modi’s Government. That the then Finance Minister Arun Jaitley had a soft corner to Prannoy Roy is well known. And the ED under him also was forced to go at a snail’s pace, instead of attaching their properties.
SEBI took its time delivering a ruling but at least, it has exposed the money laundering of Radhika and Prannoy Roy. Now the CBI must do a custodial interrogation of the fraudster couple and the ED must attach their properties.
The SEBI’s detailed 51-page order can be read from an earlier article in PGurus.
 Will those bleeding hearts explain Sunday Guardian expose on NDTV’s ICICI Bank frauds? Jun 9, 2017, PGurus.com
 Time has started ticking for crooked Prannoy Roy after SEBI Order forces him to leave NDTV – Jun 15, 2019, PGurus.com
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