Prannoy Roy siphoned Rs. 53.84 crore to personal account from NDTV

The IT Dept. has unearthed an instance of Prannoy Roy moving approx. Rs.53.84 crores by rigging NDTV stocks.

The IT Dept. has unearthed an instance of Prannoy Roy moving approx. Rs.53.84 crores by rigging NDTV stocks.

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]T[/dropcap]he Income Tax Department (IT) has caught NDTV promoter Prannoy Roy siphoning Rs.53.84 crores ($8 million) into his personal account. The IT has unearthed this fraud by Roy in June 2016 and shared the details with the Enforcement Directorate (ED) and the Delhi Police Economic Offences Wing (EOW). This looting of Stock Exchange listed company NDTV’s funds into personal account by Roy is a clear violation of Prevention of Money Laundering Act (PMLA), which envisages a jail term of three to seven years and other sections of Indian Penal Code (IPC) like criminal conspiracy and fraud.

The husband and wife team have 50 percent shares in this shell company, which controls NDTV and Income Tax & ED has already unearthed several frauds in cheating shareholders and investors.

The IT’s sensitive report to ED and EOW shows that the money was siphoned to the personal account of Prannoy Roy, who has a penchant for preaching ethics and morality for the past 25 years. An amount of Rs.53,84,60,960($8 million) was shifted from RRPR Holdings through a cheque number 84219 of Syndicate Bank (Hauz Khas Branch, Delhi) Account No: 10006971 to Prannoy Roy’s account.

The money came to the shell company RRPR (Radhika Roy and Prannoy Roy) Holdings on March 8, 2010 from Reliance Group linked company VCPL for increasing the shareholding in NDTV from 26% to 29.19%. The husband and wife team have 50 percent shares in this shell company, which controls NDTV and Income Tax & ED has already unearthed several frauds in cheating shareholders and investors. PGurus have published a detailed article in this regard.

[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]I[/dropcap]T also unearthed that on the same day in the Stock Exchange there were around Rs.134 crores ($20 million) worth transactions done at a price variation of 98%. The IT department found that these bogus gains were done to benefit the main promoters Mr and Mrs. Roy. The question that is on everyone’s lips is when the Government is going to act against this instance of blatant Stock Exchange rigging.

So what is preventing Income Tax, Enforcement Directorate, SEBI and Delhi Police EOW from acting against the blatant fraud and money laundering committed by Prannoy Roy?

The department informed the counterparts in ED and EOW that the transfer money of Rs.53.84 crore to Prannoy Roy’s personal is nothing but embezzlement of funds and proceeds of Stock Exchange manipulations and amounts to money laundering and cheating of shareholders.

So what is preventing Income Tax, Enforcement Directorate, SEBI and Delhi Police EOW from acting against the blatant fraud and money laundering committed by Prannoy Roy? Is the cabal of corrupt politicians of Lutyen’s Delhi united in blocking the agencies and its honest officers? These agencies have not yet summoned Roy who is sending staffers for questioning by the officials.

Note:
1. The conversion rate used in this article is 1 USD = 67.46 Rupees.
2. Text in Blue points to additional data on the topic.

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.
Team PGurus

19 COMMENTS

  1. Who are you funded by? It seems you are funded to target CLEAN companies and target moral individuals. It you are so clean why dont you publish you profiles, funding and bank accounts on this site – it is irony that you hide behind the web to point fingers at others. Be a true gandhian, come clean first before you demand respect and right.

    • WOW! A NORMAL READER WITH NO CONNECTION TO THE ACCUSED CROOKS WOULD NEVER NEED TO QUESTION THE ACCUSER! ARE YOU A BENEFICIARY OF NDTV AND MR ROY’S LOOT? OR ARE YOU SIMPLY A SIMPLETON LEFTIST STILL LACHING ON TO A FAILED PHILOSOPHY AND TRYING TO PROTECT YOUR LOOTER BROTHER WITH A RED SALUTE?

  2. The facts need to be proved properly. People have become very smart and any allegation can be fabricated. In fact NDTV was an eye sore for many during the months gone by.

    • Eye sore for many… Is accepted by You, you must know why was it so. NDTV piggy back all anti nationals and telling its viewers that it is safe guarding people’s rights of freedom of expression etc.,. If given facts are wrong, let NDTV file a defamation against such individuals. Non reaction of allegation so far proves some thing fishy in the accounts of rrpr. Come out and prove your self.

  3. Govt must act.what isse I doing for insider trading as alleged in the article. Msy be they are worried about the charge which may come subsequently of ‘ harassing’ fourth estate. Sebi must act rather than handling them with kid gloves.

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