NDTV Director KVL Narayan Rao admits guilt of illegal money routing of $150M through Netherlands

A copy of the handwritten statement by K V L Narayan Rao, Group CEO, NDTV

A copy of the handwritten statement by K V L Narayan Rao, Group CEO, NDTV
A copy of the handwritten statement by K V L Narayan Rao, Group CEO, NDTV

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]I[/dropcap]n an exclusive, PGurus lays bare NDTV and its head Prannoy Roy’s claims of innocence. NDTV’s Director and Executive Vice Chairperson K V L Narayan Rao has confessed before Income Tax about floating shell companies in Netherlands and routing money illegally by violating the FDI norms in India. In his 33 page handwritten confession recorded before the Income tax officers, Rao admits how NDTV laundered money through Netherlands and violated the FDI norms by entering into GE group linked firm. The following graphic shows the various entities created by NDTV for this purpose:
Universal Studios investment into NDTV
The 54 page document of Income Tax exposes NDTV’s frauds in floating shell companies in Netherlands, Cayman Islands, British Virgin Islands and launder and illegal routing of money violating all norms in India. The 54 page document of Income Tax, containing 33 page confession of Rao is a fit case for registering a case under Prevention of Money Laundering Act (PMLA) against Prannoy Roy and gang in NDTV, which envisages imprisonment of three to seven years.

The document is published in the end of this report. Analysing the statement of confession by Rao, Income Tax department says in Page No. 6: “In this regard, it is pertinent to mention that the statement of Mr. K V L Narayan Rao, Director of the assessee company (NDTV) and the then Group CEO, was recorded under on oath under section 131 of the Act on July 23, 2015, copy of which is enclosed. In this statement, in response to question No.3, when asked about the rationale of incorporation of plethora of foreign subsidiaries, he admitted that “the foreign subsidiaries were incorporated to circumvent the restriction imposed by Indian regulations, which confined the foreign direct investment in news channel companies to a maximum of 26 percent,” said an Income Tax Dept. official, on how 150 million dollar from US based GE Group company was flown illegally to NDTV through Netherlands.

Rao’s specific admission of this guilt can be read from Page 17 to 21 on routing money illegally through Netherlands. In the statement Rao admits the role of NDTV’s Managing Editor Vikram Chandra’s in floating a shell Company in London to route money. Barkha Dutt and Sonia Singh are the also Directors of this shell company, now wound up after illegal money routing. KVL Narayan Rao admits how NDTV floated shell companies across the world during P Chidambaram’s tenure in Finance Ministry and routed money through tax havens like Cayman Islands and British Virgin Islands.

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]he Income Tax findings dated June 2016 along with Rao’s confession or admission of guilt is enough to charge NDTV’s top officers including Prannoy Roy and Radhika Roy under PMLA, which envisages three to seven years of punishment by Enforcement Directorate, apart from violating FIPB rules in connivance with P Chidambaram by CBI under Prevention of Corruption Act. The question is why government agencies are waiting to take action even after the point-blank confession by top NDTV officer K V L Narayan Rao.

Copy of K V L Narayan Rao’s statement before ITO

NDTV TaxDocuments NarayanRao Statement by PGurus on Scribd

Team PGurus

We are a team of focused individuals with expertise in at least one of the following fields viz. Journalism, Technology, Economics, Politics, Sports & Business. We are factual, accurate and unbiased.

23 COMMENTS

  1. Very disappointed with the Centre for not taking action immediately when everything is proved ahainst NDTV.Yes the Nation is waiting and watching as to when all other proved cases like Robert Vadra Karti Chidambaram Shashi Taroor and the list goes on will be taken up

  2. Time is ripe to launch another news paper which will come out with the real news- as it is happening in India. Print & Visial media are entirely sold out to the various political parties and leaders. They will not utter a word which concerns the prospects of this nation but will cry foul only when the future of these parties and leaders are affected. Real shameless & unscrupulous set of thugs and desh drohis.

    • I agree with you 100% Mr Menon. I have heard that Arnab Goswami is launching his own Media Entity ‘Republic’ on 26th Jan. My appeal to Arnab is – PLEASE LAUNCH AN ENGLISH NEWSPAPER AS WELL. WE ARE STILL UNDER THE YOKE OF THE TRAITORS, ANTI-NATIONALS, COMMUNIST MAFIA. In Delhi we are everyday exposed to the LIES & DECEIT of Times of India Crooks OR Hindustan Times biased Congressi views. We have no alternative! Can Arnab Goswami give crores of English speaking Indians an alternative to the Commie Leftist Cabal quartet of TOI, Hindustan Times, Indian Express & Hindu? Can Republic be launched as a mainstream newspapers in English? Save our sanity Arnab! Give us a newspaper which can break out of this leftist fanatic narrative and show the real India which has been stifled and brutalized by this cabal!

  3. Where is honesty and simplicity gone
    All these poser junkies are a greedy lot
    Hope some asteroid strike each of these people who scout like Good Samaritan and want to flaunt that which is got through wrong means JUST ANOTHER SCOOP they will continue their blah blah .WHAT CAN PM DO TO THESE SHAMELESS LOT dressing up like jokers and think they are celebritiesSAB KUCH BEYCH KE AA GAYE LAGTA HAI KAVVA MOTI KHAYEGA

  4. Another scoop with no results
    all the big ones go scotfree and we are just watching the show. This time its real
    Why is every one so greedy and lousy
    Simplicity and divinity is lost .
    Kavva Moti khayega ?Crows will eat pearls
    India needs brainwashing everyone towards honesty and simplicity . Let’s do it the Boure identity crisis

  5. What is the government waiting for,pls do some thing about NDTV and set an example, and don’t let the people lose trust in your government.

  6. PM et al are intetested in protecting the corrupt. On the other hand he want common citizens’ “black money” deposited in bank so that the multi-Crore Rs. loans to Adani-Ambani-Ruias-Mallayas etc can be pardoned.

    This is never be tolerated.
    ====

  7. The Government is hesitant to take action because the bigger nexus of politicians and business men, including Government’s own ministers may get exposed. Floating Shell companies is something everyone has done. Even the big eCommerce giants like Flipkart and many startups may collapse.

  8. Will Barkha get punished? (( In the statement Rao admits the role of NDTV’s Managing Editor Vikram Chandra’s in floating a shell Company in London to route money. Barkha Dutt and Sonia Singh are the also Directors of this shell company, now wound up after illegal money routing. ))

  9. NDTV is a fit case for prosecution. It has managed for long to survive. Mainly because of its proximity with Lutyen’s brokers. Hope the honest officials are given a free hand now. As per now the Modi Government is high on theatrics and less on work.

  10. Narendra Modi can’t now tell excuses after sitting 30 months in PM’s chair. It is a fact that Arun Jaitley & P Chidambaram gang blessed by Sonia Gandhi is protecting NDTV. Many moles in bureaucracy are also trying to save and protect NDTV. But that is not an excuse for Modi

  11. In the world of Indian politics, one thing is clear, all are liars. Modi wanted to clean up corruption, He has all the proofs against robert vadra, jayalalitha, sasikala, mamta , his own ministers, but he will not take any action. he uses these issues to create headlines and keep stories simmering to create opinion in the minds of people. it takes not a scientific mind to understand the corruption by Sonia, Rahul and others, so why are they not brought to justice, because Modi wants to maintain the perception issue. wants aadhar for all above 20,000 rs, but not below – are you all nuts? imagine how long will that take for any political party to fudge account and say that they have received 19,999 rs from 1000000 people to create 19999000000 Rs. this cannot be questioned by IT. People are all fools to believe any politicians. be it Modi or Rahul or sonia. even if god comes down to earth, these crooks cannot be taken out of system. India is doomed to destroyed by these politicians.

    • You are right Sir. What I feel, Modi Jee has come only 3 years passed. But all these vultures settled and ate the chunks of the country for the last 60 to 70 years. Suddenly if Modi takes action and jails some politician, The truth seekers like me and you will be happy. but who can stopall the burings of public properties and creating disturbance political party-wise that will be initiated and spread by these vulture-political parties. May be within a year or two, all these vulture political parties may fall down into the cases by IT, DRI, FERA, etc. and get all of their doors closed. May be so.

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