The Central Bureau of Investigation (CBI) Monday registered an FIR against NDTV India Pvt Ltd, its promoters Prannoy Roy and Radhika Roy and a company owned by them by the name of RRPR Holding Pvt Ltd in complicity with ICICI Bank on charges of money laundering and holding benami funds.

However, NDTV, in a statement, said it was “shocking that the CBI conducted searches on the NDTV offices and residence of the promoters without even conducting a preliminary enquiry”, adding that NDTV and its promoters had never defaulted any loan given to it by ICICI or any other bank.

The TV channel also added that: “No matter how much the politicians attack us — We will not give up the fight for freedom and the independence of media in India.”

The 88-page FIR was registered based on a complaint filed by a former NDTV consultant Sanjay Dutt, who is now a director in Quantum Security Pvt. Ltd. (QSL), a shareholder of ICICI Bank and NDTV Ltd.

“We found the complaint up to our satisfaction and hence registered the FIR on Saturday and applied for search warrants. Searches have taken place in Delhi, Dehradun where the Roys have a farm house and in Mussoorie,” a senior CBI official said.

The official said during the searches, CBI got hold of certain documents that are “relevant to the case” based on which further investigation and questioning will be carried on.

₹500-cr loan case The case pertains to a ₹500-crore loan obtained by NDTV promoters from India Bulls Ltd. through RRPR Pvt. Ltd. to buy 20 per cent shares of NDTV on July 2008. RRPR Pvt. Ltd. holds 61 per cent stake in NDTV.

To repay the loan, RRPR Pvt Ltd took another loan of around ₹375 crore at a rate of 19 per cent per annum from ICICI Bank on October 2008. For this, the Roys offered the entire shareholding of NDTV as collateral, which is in violation of the Banking Regulation Act, CBI sources said.

“Thus, not only has ICICI Bank violated section 19(2) of the RBI Act, but has also been grossly negligent and in violation of the Master Circular issued by RBI. Further, the promoters have committed fraud, cheated and of course concealed all this information in conspiracy with ICICI Bank from the government, its shareholders and SEBI,” stated the FIR. The collateral was not disclosed either by ICICI Bank or NDTV to the stock market, SEBI and I&B Ministry. But the loan was repaid to ICICI at a lower interest of 9.5 per cent, hence, a loss of ₹48 crore was accrued.

Eventually in August 2009, RRPR Pvt. Ltd. transferred ₹403.85 crore to Vishvapradhan Commercial and another shell company Shinano Retail Pvt Ltd . In 2009-10, a loan of ₹403.85 crore was given by Reliance Ventures Ltd to the shell company SRPL. The same amount was extended by SRPL to its associate firm VCPL. The FIR also notes that on March 2010, VCPL further paid ₹53.85 crore to RRPR Holding and that was personally paid to Prannoy Roy from RRPR bank account.

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