In 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:
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.
The 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
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